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Rising energy prices create social challenges, S&P says


Ovunc Kutlu |  

 

    ANKARA

    Rising global energy prices are creating social challenges, according to a report by S&P Global Ratings.

    “Spiking gas, carbon, and power prices, particularly in Europe, are putting social challenges, such as energy affordability, under the spotlight," the agency said in its report, “Infrastructure & Energy Outlook.”

    Oil prices have climbed to their highest level in three years as normalization from the coronavirus pandemic has created a surge in demand, while overall crude supply remains limited.

    Natural gas prices in Europe hit a new record of €100 ($116) megawatt per hour in late September, a six-fold increase in less than a year when it stood at €16 megawatt per hour in early January, which poses a great risk against economic recovery and heating before the winter season.

    "Price affordability will become an increasing focus as the roll-out of renewables and transition away from oil and gas will come at a cost," S&P said in the report that was released Monday.

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