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The impact of the war in Ukraine on euro area energy markets

Author

Listed:
  • Adolfsen, Jakob Feveile
  • Kuik, Friderike
  • Schuler, Tobias
  • Lis, Eliza

Abstract

This box provides an overview of the impact that the war in Ukraine has had on euro area energy markets. Energy commodity and electricity prices spiked in the immediate aftermath of Russia’s invasion of Ukraine and have been highly volatile ever since. Russia supplies a considerable amount of energy to the euro area, particularly gas. The European Union introduced economic sanctions targeting the Russian energy industry, most notably the coal and oil sectors, while steps are also being taken towards becoming independent of Russian gas. After the initial price spikes, energy commodity prices moderated, owing partly to the EU’s sanctions and also helped by other policy initiatives such as historically large releases of strategic oil reserves. Higher energy commodity prices intensified the pressure on euro area consumer prices in February and March 2022, while some of this pressure was alleviated in April and May as a result of government measures. JEL Classification: Q43, E31, Q02, N44

Suggested Citation

  • Adolfsen, Jakob Feveile & Kuik, Friderike & Schuler, Tobias & Lis, Eliza, 2022. "The impact of the war in Ukraine on euro area energy markets," Economic Bulletin Boxes, European Central Bank, vol. 4.
    • Handle: RePEc:ecb:ecbbox:2022:0004:1
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2022/html/ecb.ebbox202204_01~68ef3c3dc6.en.html
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    Citations

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    Cited by:

    1. Zhang, Yaxin & Shan, Yuli & Zheng, Xinzhu & Wang, Can & Guan, Yuru & Yan, Jin & Ruzzenenti, Franco & Hubacek, Klaus, 2023. "Energy price shocks induced by the Russia-Ukraine conflict jeopardize wellbeing," Energy Policy, Elsevier, vol. 182(C).
    2. Di-Comite, Francesco & Pasimeni, Paolo, 2022. "Decoupling from Russia," Single Market Economics Papers WP2022/4, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (European Commission), Chief Economist Team.
    3. Francesco Pietro Colelli & Enrica De Cian & Wilmer Pasut & Lucia Piazza, 2023. "Toward Net Zero in the midst of the energy and climate crises: the response of residential photovoltaic systems," Working Papers 2023:18, Department of Economics, University of Venice "Ca' Foscari".
    4. Simone Emiliozzi & Fabrizio Ferriani & Andrea Gazzani, 2023. "The European energy crisis and the consequences for the global natural gas market," Questioni di Economia e Finanza (Occasional Papers) 824, Bank of Italy, Economic Research and International Relations Area.
    5. Georgeta Soava & Anca Mehedintu, 2023. "Final Energy Consumption—Growth Nexus in Romania Versus the European Union: A Sectoral Approach Using Neural Network," Energies, MDPI, vol. 16(2), pages 1-34, January.
    6. Walch, Alina & Rüdisüli, Martin, 2023. "Strategic PV expansion and its impact on regional electricity self-sufficiency: Case study of Switzerland," Applied Energy, Elsevier, vol. 346(C).

    More about this item

    Keywords

    Coal.; Energy; Gas; Inflation; Oil; Russia; War in Ukraine;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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