F GAS-0.25%
IEA says Europe's energy war with Russia not over
International Energy Agency (IEA) Executive Director Fatih Birol cautioned on Thursday that the energy war between Europe and Russia is not yet over, pointing out that gas prices across the Old Continent are "seven times higher" than in the United States, while costs of electricity are three times more expensive in comparison to China.
"The lasting solution to energy security should be based on clean energy," the IEA chief told the Financial Times, underscoring that it is "risky" for Europe to be "overconfident" for next winter. "The two powers [in clean energy manufacturing] are China and the US, relying on one single country is always a bad idea. So if we want diversification, Europe is a good candidate," he added.
"The European economy is still on its feet, it didn't see a major economic recession even if they definitely took a big hit," Birol stated.