Explained | How bad is the world’s energy crisis?
The Hindu
As the supply of natural gas, coal and other energy sources fails to adequately satisfy demand, many countries are facing an energy crunch.
The world is facing an energy crunch as the supply of natural gas, coal and other energy sources fails to adequately satisfy demand. Natural gas prices have risen multifold in Europe this year while linked to the short supply of coal. The U.K., meanwhile, has witnessed many of its fuel pumps running dry and the country’s military has been called in to prevent any violence. India’s power plants are also running on critically low coal stocks.
The prices of natural gas, oil, coal and other energy sources have hit multi-year highs recently. The price of natural gas in Europe, for instance, has risen by over 400% since the beginning of the year while the price of electricity has risen by over 250%. China’s factory output in September shrunk for the first time in 18 months, thus putting the brakes on the country’s recovery from the coronavirus pandemic, owing to power disruptions caused by inadequate coal supplies. has resorted to rationing power to manage the crisis.
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