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Visualizing the EU’s Energy Dependency

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Visualizing the EU’s Energy Dependency

In response to Russiaโ€™s 2022 invasion of Ukraine, the U.S. and EU have imposed heavy sanctions aimed at crippling the Russian economy. However, these bold actions also come with some potentially messy complications: Russia is not only one of the world’s largest exporters of energy products, but it is also Europe’s biggest supplier of these fuels.

As of October 2021, Russia supplied 25% of all oil imported by the EU, which is three times more than the second-largest trade partner. Naturally, the policies and circumstances that have led to this dependency have been under major scrutiny in recent weeks.

To help you learn more, this infographic visualizes energy data from Eurostat.

Energy Dependency, by Country

To start, letโ€™s compare the energy dependence of each EU member, both in 2000 and 2020 (the latest year available). This metric shows the extent to which a country relies upon imports to meet its energy needs.

Note that Denmarkโ€™s value of -35.9% for the year 2000 is not a typo. Rather, it means that the country was a net exporter of energy.

Country20002020
๐Ÿ‡ฆ๐Ÿ‡น Austria65.5%58.3%
๐Ÿ‡ง๐Ÿ‡ช Belgium78.2%78.0%
๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria46.4%37.9%
๐Ÿ‡ญ๐Ÿ‡ท Croatia48.5%53.6%
๐Ÿ‡จ๐Ÿ‡พ Cyprus98.6%93.1%
๐Ÿ‡จ๐Ÿ‡ฟ Czechia22.7%38.9%
๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark-35.9%44.9%
๐Ÿ‡ช๐Ÿ‡ช Estonia34.0%10.6%
๐Ÿ‡ซ๐Ÿ‡ฎ Finland55.5%42.0%
๐Ÿ‡ซ๐Ÿ‡ท France51.2%44.5%
๐Ÿ‡ฉ๐Ÿ‡ช Germany59.4%63.7%
๐Ÿ‡ฌ๐Ÿ‡ท Greece69.1%81.4%
๐Ÿ‡ญ๐Ÿ‡บ Hungary55.0%56.6%
๐Ÿ‡ฎ๐Ÿ‡ช Ireland85.4%71.3%
๐Ÿ‡ฎ๐Ÿ‡น Italy86.5%73.5%
๐Ÿ‡ฑ๐Ÿ‡ป Latvia61.0%45.5%
๐Ÿ‡ฑ๐Ÿ‡น Lithuania57.8%74.9%
๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg99.6%92.5%
๐Ÿ‡ฒ๐Ÿ‡น Malta100.2%97.6%
๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands38.3%68.1%
๐Ÿ‡ต๐Ÿ‡ฑ Poland10.7%42.8%
๐Ÿ‡ต๐Ÿ‡น Portugal85.3%65.3%
๐Ÿ‡ท๐Ÿ‡ด Romania21.9%28.2%
๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia65.1%56.3%
๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia51.9%45.8%
๐Ÿ‡ช๐Ÿ‡ธ Spain76.8%67.9%
๐Ÿ‡ธ๐Ÿ‡ช Sweden39.3%33.5%
Average56.3%57.5%

Over this 20-year timeframe, the EU-27 average country’s energy dependence has increased from 56.3% to 57.5%, meaning EU members became slightly more reliant on energy imports over those two decades.

Where Do EU’s Energy Imports Come From?

Looking further into energy imports reveals that Russia is the main supplier of crude oil, coal, and natural gas. Continue below for more details.

Crude Oil Imports

The EU imports more crude oil from Russia than the next three countries combined.

CountryPercentage of total
๐Ÿ‡ท๐Ÿ‡บ Russia26.9%
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq9.0%
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria7.9%
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia7.7%
๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan7.3%
๐Ÿ‡ณ๐Ÿ‡ด Norway7.0%
๐Ÿ‡ฑ๐Ÿ‡พ Libya6.2%
๐Ÿ‡บ๐Ÿ‡ธ United States5.3%
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom4.9%
๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan4.5%
๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria2.4%
Others10.9%

This shouldnโ€™t come as a surprise, as Russia was the worldโ€™s third largest producer of oil in 2020. The country has several state-owned oil companies including Rosneft and Gazprom.

Coal Imports

Coal-fired power plants are still being used across the EU, though most member states expect to completely phase them out by 2030.

CountryPercentage of total
๐Ÿ‡ท๐Ÿ‡บ Russia46.7%
๐Ÿ‡บ๐Ÿ‡ธ United States17.7%
๐Ÿ‡ฆ๐Ÿ‡บ Australia13.7%
๐Ÿ‡จ๐Ÿ‡ด Colombia8.2%
๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa2.8%
Others10.9%

Russia has the second largest coal reserves in the world. In 2020, it mined 328 million metric tons, making it the sixth largest producer globally.

Natural Gas Imports

Natural gas is commonly used to heat buildings and water. A majority of the EUโ€™s supply comes from Russia via the Nord Stream series of pipelines.

CountryPercentage of total
๐Ÿ‡ท๐Ÿ‡บ Russia41.1%
๐Ÿ‡ณ๐Ÿ‡ด Norway16.2%
๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria7.6%
๐Ÿ‡ถ๐Ÿ‡ฆ Qatar5.2%
Others29.9%

Nord Stream 1 is the longest sub-sea pipeline in the world and was completed in 2011. It starts from the Russian city of Vyborg and connects to the EU through Germany.

Nord Stream 2 is a recently constructed expansion which was expected to double the projectโ€™s capacity. Germany has since halted the approval process for this pipeline in response to Russia’s 2022 invasion of Ukraine.

What Happens Now?

In retaliation against Western sanctions, Russia has announced an impending ban on exports of certain goods and raw materials.

European gas prices skyrocketed in response, as many fear that Russia could cut off natural gas supplies. This, of course, would have very negative effects on both consumers and businesses.

In early March 2022, both the European Commission and the International Energy Agency (IEA) introduced proposals on how Europe could reduce its energy dependency.

We must become independent from Russian oil, coal and gas. We simply cannot rely on a supplier who explicitly threatens us.
– Ursula von der Leyen, President of the European Commission

Cutting off oneโ€™s biggest supplier is likely to cause issues, especially when dealing with something as critical as energy. Few countries have the capacity (or willingness) to immediately replace Russian imports.

The proposals also discussed options for boosting Europeโ€™s domestic output, though the commissionโ€™s report notably excluded nuclear power. For various reasons, nuclear remains a polarizing topic in Europe, with countries taking either a pro or anti stance.

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Energy Shift

Mapped: Global Energy Prices, by Country in 2022

Energy prices have been extremely volatile in 2022. Which countries are seeing the highest prices in the world?

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Energy Prices

Mapped: Global Energy Prices, by Country in 2022

For some countries, energy prices hit historic levels in 2022.

Gasoline, electricity, and natural gas prices skyrocketed as Russiaโ€™s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar.

Given the global consequences of the energy crisis, the above infographic shows the price of energy for households by country, with data from GlobalPetrolPrices.com.

1. Global Energy Prices: Gasoline

Which countries and regions pay the most for a gallon of gas?

Rank
Country/ Region
Gasoline Prices
(USD/ Gallon)
1๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong$11.1
2๐Ÿ‡จ๐Ÿ‡ซ Central African
Republic
$8.6
3๐Ÿ‡ฎ๐Ÿ‡ธ Iceland$8.5
4๐Ÿ‡ณ๐Ÿ‡ด Norway$8.1
5๐Ÿ‡ง๐Ÿ‡ง Barbados$7.8
6๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$7.7
7๐Ÿ‡ฌ๐Ÿ‡ท Greece$7.6
8๐Ÿ‡ซ๐Ÿ‡ฎ Finland$7.6
9๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$7.6
10๐Ÿ‡ง๐Ÿ‡ช Belgium$7.4
11๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$7.2
12๐Ÿ‡ช๐Ÿ‡ช Estonia$7.2
13๐Ÿ‡จ๐Ÿ‡ญ Switzerland$7.2
14๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$7.2
15๐Ÿ‡ธ๐Ÿ‡ช Sweden$7.1
16๐Ÿ‡ธ๐Ÿ‡จ Seychelles$7.1
17๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$7.0
18๐Ÿ‡ฉ๐Ÿ‡ช Germany$7.0
19๐Ÿ‡บ๐Ÿ‡พ Uruguay$7.0
20๐Ÿ‡ผ๐Ÿ‡ซ Wallis and Futuna$7.0
21๐Ÿ‡ฑ๐Ÿ‡ฎ Liechtenstein$6.9
22๐Ÿ‡ฎ๐Ÿ‡ช Ireland$6.8
23๐Ÿ‡ต๐Ÿ‡น Portugal$6.8
24๐Ÿ‡ฑ๐Ÿ‡ป Latvia$6.7
25๐Ÿ‡ง๐Ÿ‡ฟ Belize$6.7
26๐Ÿ‡ฆ๐Ÿ‡ฑ Albania$6.6
27๐Ÿ‡ฆ๐Ÿ‡น Austria$6.6
28๐Ÿ‡ฒ๐Ÿ‡จ Monaco$6.6
29๐Ÿ‡ช๐Ÿ‡ธ Spain$6.5
30๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$6.5
31๐Ÿ‡ฒ๐Ÿ‡ผ Malawi$6.5
32๐Ÿ‡ฐ๐Ÿ‡พ Cayman Islands$6.4
33๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia$6.4
34๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$6.3
35๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg$6.3
36๐Ÿ‡ฑ๐Ÿ‡น Lithuania$6.3
37๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra$6.3
38๐Ÿ‡ฎ๐Ÿ‡น Italy$6.3
39๐Ÿ‡บ๐Ÿ‡ฌ Uganda$6.2
40๐Ÿ‡ญ๐Ÿ‡บ Hungary$6.2
41๐Ÿ‡ฏ๐Ÿ‡ด Jordan$6.2
42๐Ÿ‡ธ๐Ÿ‡พ Syria$6.1
43๐Ÿ‡ซ๐Ÿ‡ท France$6.0
44๐Ÿ‡ง๐Ÿ‡ฎ Burundi$6.0
45๐Ÿ‡ง๐Ÿ‡ธ Bahamas$6.0
46๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$5.8
47๐Ÿ‡ธ๐Ÿ‡ฒ San Marino$5.8
48๐Ÿ‡ญ๐Ÿ‡ท Croatia$5.8
49๐Ÿ‡ท๐Ÿ‡ด Romania$5.7
50๐Ÿ‡พ๐Ÿ‡น Mayotte$5.7
51๐Ÿ‡ท๐Ÿ‡ผ Rwanda$5.7
52๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia$5.7
53๐Ÿ‡ท๐Ÿ‡ธ Serbia$5.7
54๐Ÿ‡ฑ๐Ÿ‡ฆ Laos$5.6
55๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia$5.6
56๐Ÿ‡ฐ๐Ÿ‡ช Kenya$5.6
57๐Ÿ‡จ๐Ÿ‡พ Cyprus$5.6
58๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica$5.5
59๐Ÿ‡ฒ๐Ÿ‡ฐ Northern Macedonia$5.5
60๐Ÿ‡จ๐Ÿ‡ฑ Chile$5.5
61๐Ÿ‡ง๐Ÿ‡ฆ Bosnia$5.5
62๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia$5.4
63๐Ÿ‡ต๐Ÿ‡ฑ Poland$5.4
64๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic$5.4
65๐Ÿ‡จ๐Ÿ‡ฆ Canada$5.4
66๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco$5.4
67๐Ÿ‡ฆ๐Ÿ‡ผ Aruba$5.4
68๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia$5.3
69๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$5.3
70๐Ÿ‡ต๐Ÿ‡ช Peru$5.3
71๐Ÿ‡ฑ๐Ÿ‡ฐ Sri Lanka$5.3
72๐Ÿ‡จ๐Ÿ‡ท Costa Rica$5.2
73๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar$5.2
74๐Ÿ‡ฌ๐Ÿ‡ณ Guinea$5.2
75๐Ÿ‡ณ๐Ÿ‡ต Nepal$5.2
76๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique$5.2
77๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua$5.2
78๐Ÿ‡ฒ๐Ÿ‡ฑ Mali$5.1
79๐Ÿ‡ธ๐Ÿ‡ณ Senegal$5.1
80๐Ÿ‡บ๐Ÿ‡ฆ Ukraine$5.1
81๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica$5.0
82๐Ÿ‡ฒ๐Ÿ‡ช Montenegro$5.0
83๐Ÿ‡ฒ๐Ÿ‡น Malta$5.0
84๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova$5.0
85๐Ÿ‡จ๐Ÿ‡ฉ DR Congo$5.0
86๐Ÿ‡จ๐Ÿ‡ผ Curacao$4.9
87๐Ÿ‡จ๐Ÿ‡ป Cape Verde$4.9
88๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$4.9
89๐Ÿ‡ฑ๐Ÿ‡ท Liberia$4.8
90๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia$4.8
91๐Ÿ‡ฎ๐Ÿ‡ณ India$4.8
92๐Ÿ‡จ๐Ÿ‡บ Cuba$4.8
93๐Ÿ‡ญ๐Ÿ‡ณ Honduras$4.7
94๐Ÿ‡ฌ๐Ÿ‡ช Georgia$4.7
95๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$4.7
96๐Ÿ‡น๐Ÿ‡ฟ Tanzania$4.7
97๐Ÿ‡ซ๐Ÿ‡ฏ Fiji$4.7
98๐Ÿ‡จ๐Ÿ‡ณ China$4.7
99๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$4.6
100๐Ÿ‡ฌ๐Ÿ‡น Guatemala$4.6

Source: GlobalPetrolPrices.com. As of October 31, 2022. Represents average household prices.

At an average $11.10 per gallon, households in Hong Kong pay the highest for gasoline in the worldโ€”more than double the global average. Both high gas taxes and steep land costs are primary factors behind high gas prices.

Like Hong Kong, the Central African Republic has high gas costs, at $8.60 per gallon. As a net importer of gasoline, the country has faced increased price pressures since the war in Ukraine.

Households in Iceland, Norway, and Denmark face the highest gasoline costs in Europe. Overall, Europe has seen inflation hit 10% in September, driven by the energy crisis.

2. Global Energy Prices: Electricity

Extreme volatility is also being seen in electricity prices.

The majority of the highest household electricity prices are in Europe, where Denmark, Germany, and Belgiumโ€™s prices are about double that of France and Greece. For perspective, electricity prices in many countries in Europe are more than twice or three times the global average of $0.14 per kilowatt-hour.

Over the first quarter of 2022, household electricity prices in the European Union jumped 32% compared to the year before.

RankCountry/ RegionElectricity Prices
(kWh, USD)
1๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$0.46
2๐Ÿ‡ฉ๐Ÿ‡ช Germany$0.44
3๐Ÿ‡ง๐Ÿ‡ช Belgium$0.41
4๐Ÿ‡ง๐Ÿ‡ฒ Bermuda$0.40
5๐Ÿ‡ฐ๐Ÿ‡พ Cayman Islands$0.35
6๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica$0.34
7๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$0.32
8๐Ÿ‡ช๐Ÿ‡ธ Spain$0.32
9๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$0.32
10๐Ÿ‡ง๐Ÿ‡ง Barbados$0.32
11๐Ÿ‡ช๐Ÿ‡ช Estonia$0.32
12๐Ÿ‡ฑ๐Ÿ‡น Lithuania$0.31
13๐Ÿ‡ฆ๐Ÿ‡น Austria$0.31
14๐Ÿ‡ฎ๐Ÿ‡น Italy$0.30
15๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$0.29
16๐Ÿ‡จ๐Ÿ‡ป Cape Verde$0.28
17๐Ÿ‡ฎ๐Ÿ‡ช Ireland$0.28
18๐Ÿ‡ธ๐Ÿ‡ช Sweden$0.27
19๐Ÿ‡ง๐Ÿ‡ธ Bahamas$0.26
20๐Ÿ‡ฌ๐Ÿ‡น Guatemala$0.26
21๐Ÿ‡ฑ๐Ÿ‡ฎ Liechtenstein$0.26
22๐Ÿ‡จ๐Ÿ‡พ Cyprus$0.25
23๐Ÿ‡ท๐Ÿ‡ผ Rwanda$0.25
24๐Ÿ‡ญ๐Ÿ‡ณ Honduras$0.24
25๐Ÿ‡บ๐Ÿ‡พ Uruguay$0.24
26๐Ÿ‡ต๐Ÿ‡น Portugal$0.24
27๐Ÿ‡ธ๐Ÿ‡ป El Salvador$0.23
28๐Ÿ‡ฑ๐Ÿ‡ป Latvia$0.22
29๐Ÿ‡ซ๐Ÿ‡ฎ Finland$0.22
30๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg$0.22
31๐Ÿ‡ง๐Ÿ‡ฟ Belize$0.22
32๐Ÿ‡ฏ๐Ÿ‡ต Japan$0.22
33๐Ÿ‡จ๐Ÿ‡ญ Switzerland$0.22
34๐Ÿ‡ต๐Ÿ‡ช Peru$0.21
35๐Ÿ‡ฐ๐Ÿ‡ช Kenya$0.21
36๐Ÿ‡ฆ๐Ÿ‡บ Australia$0.21
37๐Ÿ‡ง๐Ÿ‡ท Brazil$0.20
38๐Ÿ‡ฒ๐Ÿ‡ฑ Mali$0.20
39๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$0.19
40๐Ÿ‡ท๐Ÿ‡ด Romania$0.19
41๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso$0.19
42๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia$0.19
43๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon$0.19
44๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia$0.19
45๐Ÿ‡ฆ๐Ÿ‡ผ Aruba$0.19
46๐Ÿ‡ฌ๐Ÿ‡ท Greece$0.19
47๐Ÿ‡ซ๐Ÿ‡ท France$0.18
48๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$0.18
49๐Ÿ‡น๐Ÿ‡ฌ Togo$0.18
50๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua$0.17
51๐Ÿ‡ป๐Ÿ‡ช Venezuela$0.17
52๐Ÿ‡ต๐Ÿ‡ฆ Panama$0.17
53๐Ÿ‡ต๐Ÿ‡ญ Philippines$0.17
54๐Ÿ‡ต๐Ÿ‡ฑ Poland$0.17
55๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$0.16
56๐Ÿ‡บ๐Ÿ‡ฒ U.S.$0.16
57๐Ÿ‡บ๐Ÿ‡ฌ Uganda$0.16
58๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong$0.16
59๐Ÿ‡ธ๐Ÿ‡ณ Senegal$0.16
60๐Ÿ‡ฒ๐Ÿ‡ด Macao$0.15
61๐Ÿ‡จ๐Ÿ‡ฑ Chile$0.15
62๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia$0.15
63๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$0.14
64๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$0.14
65๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar$0.14
66๐Ÿ‡ญ๐Ÿ‡ท Croatia$0.14
67๐Ÿ‡ฎ๐Ÿ‡ธ Iceland$0.14
68๐Ÿ‡ณ๐Ÿ‡ด Norway$0.13
69๐Ÿ‡ฒ๐Ÿ‡น Malta$0.13
70๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique$0.13
71๐Ÿ‡จ๐Ÿ‡ด Colombia$0.13
72๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$0.12
73๐Ÿ‡ฒ๐Ÿ‡ป Maldives$0.12
74๐Ÿ‡จ๐Ÿ‡ท Costa Rica$0.12
75๐Ÿ‡จ๐Ÿ‡ฆ Canada$0.11
76๐Ÿ‡ฒ๐Ÿ‡ผ Malawi$0.11
77๐Ÿ‡จ๐Ÿ‡ฎ Ivory Coast$0.11
78๐Ÿ‡ณ๐Ÿ‡ฆ Namibia$0.11
79๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco$0.11
80๐Ÿ‡น๐Ÿ‡ญ Thailand$0.10
81๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia$0.10
82๐Ÿ‡ฏ๐Ÿ‡ด Jordan$0.10
83๐Ÿ‡น๐Ÿ‡ฟ Tanzania$0.10
84๐Ÿ‡ธ๐Ÿ‡ฟ Swaziland$0.10
85๐Ÿ‡ช๐Ÿ‡จ Ecuador$0.10
86๐Ÿ‡ง๐Ÿ‡ผ Botswana$0.10
87๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic$0.10
88๐Ÿ‡ฒ๐Ÿ‡ฐ Northern Macedonia$0.10
89๐Ÿ‡ฆ๐Ÿ‡ฑ Albania$0.10
90๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho$0.09
91๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone$0.09
92๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$0.09
93๐Ÿ‡ง๐Ÿ‡พ Belarus$0.09
94๐Ÿ‡ญ๐Ÿ‡บ Hungary$0.09
95๐Ÿ‡ง๐Ÿ‡ฆ Bosnia & Herzegovina$0.09
96๐Ÿ‡น๐Ÿ‡ผ Taiwan$0.09
97๐Ÿ‡ฐ๐Ÿ‡ท South Korea$0.09
98๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$0.09
99๐Ÿ‡ท๐Ÿ‡ธ Serbia$0.09
100๐Ÿ‡จ๐Ÿ‡ฉ DR Congo$0.08

Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.

In the U.S., consumer electricity prices have increased nearly 16% annually compared to September last year, the highest increase in over four decades, fueling higher inflation.

However, households are more sheltered from the impact of Russian supply disruptions due to the U.S. being a net exporter of energy.

3. Global Energy Prices: Natural Gas

Eight of the 10 highest natural gas prices globally fall in Europe, with the Netherlands at the top. Overall, European natural gas prices have spiked sixfold in a year since the invasion of Ukraine.

RankCountry/ RegionNatural Gas Prices
(kWh, USD)
1๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$0.41
2๐Ÿ‡ธ๐Ÿ‡ช Sweden$0.24
3๐Ÿ‡ฉ๐Ÿ‡ช Germany$0.21
4๐Ÿ‡ง๐Ÿ‡ท Brazil$0.20
5๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$0.19
6๐Ÿ‡ช๐Ÿ‡ธ Spain$0.17
7๐Ÿ‡ฎ๐Ÿ‡น Italy$0.16
8๐Ÿ‡ฆ๐Ÿ‡น Austria$0.16
9๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$0.15
10๐Ÿ‡ง๐Ÿ‡ช Belgium$0.15
11๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong$0.14
12๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$0.14
13๐Ÿ‡ฌ๐Ÿ‡ท Greece$0.12
14๐Ÿ‡ซ๐Ÿ‡ท France$0.12
15๐Ÿ‡ฏ๐Ÿ‡ต Japan$0.11
16๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$0.10
17๐Ÿ‡จ๐Ÿ‡ญ Switzerland$0.10
18๐Ÿ‡จ๐Ÿ‡ฑ Chile$0.10
19๐Ÿ‡ต๐Ÿ‡น Portugal$0.09
20๐Ÿ‡ง๐Ÿ‡ง Barbados$0.09
21๐Ÿ‡ต๐Ÿ‡ฑ Poland$0.09
22๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$0.09
23๐Ÿ‡ฎ๐Ÿ‡ช Ireland$0.08
24๐Ÿ‡ฆ๐Ÿ‡บ Australia$0.07
25๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$0.07
26๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$0.06
27๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia$0.06
28๐Ÿ‡บ๐Ÿ‡ฒ U.S.$0.05
29๐Ÿ‡ฐ๐Ÿ‡ท South Korea$0.04
30๐Ÿ‡จ๐Ÿ‡ด Colombia$0.04
31๐Ÿ‡จ๐Ÿ‡ฆ Canada$0.03
32๐Ÿ‡ท๐Ÿ‡ธ Serbia$0.03
33๐Ÿ‡น๐Ÿ‡ผ Taiwan$0.03
34๐Ÿ‡บ๐Ÿ‡ฆ Ukraine$0.03
35๐Ÿ‡ฒ๐Ÿ‡พ Malaysia$0.03
36๐Ÿ‡ญ๐Ÿ‡บ Hungary$0.03
37๐Ÿ‡น๐Ÿ‡ณ Tunisia$0.02
38๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan$0.01
39๐Ÿ‡ง๐Ÿ‡ญ Bahrain$0.01
40๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$0.01
41๐Ÿ‡น๐Ÿ‡ท Turkey$0.01
42๐Ÿ‡ท๐Ÿ‡บ Russia$0.01
43๐Ÿ‡ฆ๐Ÿ‡ท Argentina$0.01
44๐Ÿ‡ง๐Ÿ‡พ Belarus$0.01
45๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria$0.003
46๐Ÿ‡ฎ๐Ÿ‡ท Iran$0.001

Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.

The good news is that the fall season has been relatively warm, which has helped European natural gas demand drop 22% in October compared to last year. This helps reduce the risk of gas shortages transpiring later in the winter.

Outside of Europe, Brazil has the fourth highest natural gas prices globally, despite producing about half of its supply domestically. High costs of cooking gas have been especially challenging for low-income families, which became a key political issue in the run-up to the presidential election in October.

Meanwhile, Singapore has the highest natural gas prices in Asia as the majority is imported via tankers or pipelines, leaving the country vulnerable to price shocks.

Increasing Competition

By December, all seaborne crude oil shipments from Russia to Europe will come to a halt, likely pushing up gasoline prices into the winter and 2023.

Concerningly, analysis from the EIA shows that European natural gas storage capacities could sink to 20% by February if Russia completely shuts off its supply and demand is not reduced.

As Europe seeks out alternatives to Russian energy, higher demand could increase global competition for fuel sources, driving up prices for energy in the coming months ahead.

Still, there is some room for optimism: the World Bank projects energy prices will decline 11% in 2023 after the 60% rise seen after the war in Ukraine in 2022.

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Electrification

Visualizing the Worldโ€™s Largest Copper Producers

Many new technologies critical to the energy transition rely on copper. Here are the world’s largest copper producers.

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Visualizing the Worldโ€™s Largest Copper Producers

Man has relied on copper since prehistoric times. It is a major industrial metal with many applications due to its high ductility, malleability, and electrical conductivity.

Many new technologies critical to fighting climate change, like solar panels and wind turbines, rely on the red metal.

But where does the copper we use come from? Using the U.S. Geological Surveyโ€™s data, the above infographic lists the worldโ€™s largest copper producing countries in 2021.

The Countries Producing the World’s Copper

Many everyday products depend on minerals, including mobile phones, laptops, homes, and automobiles. Incredibly, every American requires 12 pounds of copper each year to maintain their standard of living.

North, South, and Central America dominate copper production, as these regions collectively host 15 of the 20 largest copper mines.

Chile is the top copper producer in the world, with 27% of global copper production. In addition, the country is home to the two largest mines in the world, Escondida and Collahuasi.

Chile is followed by another South American country, Peru, responsible for 10% of global production.

RankCountry2021E Copper Production (Million tonnes)Share
#1๐Ÿ‡จ๐Ÿ‡ฑ Chile5.627%
#2๐Ÿ‡ต๐Ÿ‡ช Peru2.210%
#3๐Ÿ‡จ๐Ÿ‡ณ China1.88%
#4๐Ÿ‡จ๐Ÿ‡ฉ DRC 1.88%
#5๐Ÿ‡บ๐Ÿ‡ธ United States1.26%
#6๐Ÿ‡ฆ๐Ÿ‡บ Australia0.94%
#7๐Ÿ‡ท๐Ÿ‡บ Russia0.84%
#8๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia0.84%
#9๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia0.84%
#10๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico0.73%
#11๐Ÿ‡จ๐Ÿ‡ฆ Canada0.63%
#12๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan0.52%
#13๐Ÿ‡ต๐Ÿ‡ฑ Poland0.42%
๐ŸŒ Other countries2.813%
๐ŸŒ World total21.0100%

The Democratic Republic of Congo (DRC) and China share third place, with 8% of global production each. Along with being a top producer, China also consumes 54% of the world’s refined copper.

Copperโ€™s Role in the Green Economy

Technologies critical to the energy transition, such as EVs, batteries, solar panels, and wind turbines require much more copper than conventional fossil fuel based counterparts.

For example, copper usage in EVs is up to four times more than in conventional cars. According to the Copper Alliance, renewable energy systems can require up toย 12x moreย copper compared to traditional energy systems.

Technology2020 Installed Capacity (megawatts)Copper Content (2020, tonnes)2050p Installed Capacity (megawatts)Copper Content (2050p, tonnes)
Solar PV126,735 MW633,675372,000 MW1,860,000
Onshore Wind105,015 MW451,565202,000 MW868,600
Offshore Wind6,013 MW57,72545,000 MW432,000

With these technologies’ rapid and large-scale deployment, copper demand from the energy transition is expected to increase by nearly 600% by 2030.

As the transition to renewable energy and electrification speeds up, so will the pressure for more copper mines to come online.

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