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    OECD highlights risk of energy rationing in Europe.


    September 26, 2022 - Action Economics - Action Alerts

     

      OECD highlights risk of energy rationing in Europe. The OECD acknowledged in its updated outlook that "gas storage levels in the European Union have been raised to almost 90% of capacity", but warned that "even at this level, there may not be sufficient gas storage to ensure that demand in a typical winter can be met without depleting storage to dangerously low levels if the European Union fails to reduce gas consumption." It added that "shortfalls could increase significantly if additional non-Russian supplies from outside the European Union fail to materialise as expected, or if the demand for gas is higher due to a cold winter." "Without sufficient supply diversification and orderly demand reductions, shortages could push up global energy prices, hit confidence and financial conditions and require a temporary rationing of gas use by businesses. Taken together, these shocks could reduce growth in the European economies by over 1¼ percentage points in 2023, relative to baseline, and raise inflation by over 1½ percentage point. This would push many European countries into a recession in 2023. For the world, inflation is pushed up by over ½ percentage point in 2023, with growth reduced by just under ½ percentage point."

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