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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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    Citations

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    Cited by:

    1. Simone Emiliozzi & Fabrizio Ferriani & Andrea Gazzani, 2025. "The European Energy Crisis and the Consequences for the Global Natural Gas Market," The Energy Journal, , vol. 46(1), pages 119-145, January.
    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. Rafał Sowiński & Aleksandra Komorowska, 2025. "The Impact of Wind Speed on Electricity Prices in the Polish Day-Ahead Market Since 2016, and Its Applicability to Machine-Learning-Powered Price Prediction," Energies, MDPI, vol. 18(14), pages 1-27, July.
    4. Eduardo Gutiérrez & Alari Paulus & Alex Grimaud & Daniel Enderle & Erwan Gautier & Cristina Conflitti & Ludmila Fadejeva & Valentin Jouvanceau & Jean-Oliver Menz & Pavlo Petroulas, 2026. "Consumer Price Stickiness in the Euro Area During an Inflation Surge," Working Papers 1559, Barcelona School of Economics.
    5. Siddiki, Jalal & Singh, Prakash, 2025. "The cost of uncertainty: Analysing the influence of coal price changes, the Russia-Ukraine war and geopolitical risk on risk premiums in the Indian electricity spot market," Energy Economics, Elsevier, vol. 141(C).
    6. 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).
    7. Candila, Vincenzo & Petrella, Lea & Andreani, Mila, 2025. "Mixed-frequency Quantile Regression Forests for Value-at-Risk forecasting," Energy Economics, Elsevier, vol. 149(C).
    8. 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".
    9. Piazza, Lucia & Pietro Colelli, Francesco & Pasut, Wilmer & De Cian, Enrica, 2025. "How do domestic solar PV users respond to price and temperature shocks? Evidence from Italy between 2021–2022," Energy Economics, Elsevier, vol. 151(C).
    10. Vlasios Oikonomou & Samuele Livraghi & Konstantina Karalaiou & Ivana Rogulj & Stavros Spyridakos & Christos Tourkolias, 2025. "How to Distinguish Income Indicators of Energy and Transport Vulnerability—A Case Study of Greece," Sustainability, MDPI, vol. 17(10), pages 1-23, May.
    11. Elspaß Julia & Mattmüller Roland & Robers Diane, 2025. "Raus aus der Mid-Tech-Falle: Eine Industriepolitik für Europa," Wirtschaftsdienst, Sciendo, vol. 105(8), pages 576-582.
    12. 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).
    13. Agnieszka Sompolska-Rzechuła & Aneta Becker & Anna Oleńczuk-Paszel, 2025. "Territorial Variation of Energy Poverty and Good Health and Well-Being in European Union Countries—A Spatial Analysis," Energies, MDPI, vol. 18(20), pages 1-33, October.
    14. 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.
    15. McQuade, Peter & Pancaro, Cosimo & Reghezza, Alessio & Avril, Pauline, 2025. "Geopolitical risk, bank lending and real effects on firms: evidence from the Russian invasion of Ukraine," Working Paper Series 3143, European Central Bank.
    16. Dell'Atti, Stefano & Paltrinieri, Andrea & Di Tommaso, Caterina & Onorato, Grazia, 2025. "Assessment of banking risk in the context of the oil and gas bubbles," Energy Economics, Elsevier, vol. 147(C).

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    Keywords

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    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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