Edgar HertwichJun 7, 2023
Painful but successful #crisis_response by #EU: Consumption was lowered in response to curtailed supply of gas and oil from #Russia. It took some time to undertake the necessary adjustments. Substantial reduction in #GHG emissions resulted.
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https://iopscience.iop.org/article/10.1088/1748-9326/acdb87
Show threadEdgar HertwichJun 7, 2023
As #EU companies and citizens brought consumption down in response to sky-high #energyprices, the prices came down again. As populists criticized the market as a cause for high prices, the market mediated a successful response to an external shock.
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Show threadEdgar Hertwich

Aggravating factors:
1. Reduced #nuclear power production because of maintenance and phase-out.
2. Reduced hydropower production because of drought.

Alleviating factors:
1. Increased #solar, #wind power thanks to the #energy_transition
2. Fossil spare capacity because of fossil phase out.

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Jun 7, 2023 at 11:10amWeb