EU energy end-uses analysis and 2050 Low-Carbon scenarios - part IV - KEP energy Magazine - KEP energy

In a worldwide perspective, the Figure, based on British Petroleum data, shows the “financial crisis 2008-2012” effect on the fossil fuels prices in the global market. This effect inverted the growth trend started at the beginning of the XXI century, after a stability decade. During the crisis, the oil (Brent index) has been less stable than the gas and the coal. Starting from 2010 the growth trend is again lining up to the one before the crisis.

The fossil fuels prices in the global market affect the energy costs, both in the primary energy carriers consumption and in the secondary energy carriers production. At EU level the effects of the global market during the crisis have been deeper for the gas in comparison to the electricity. The gas price higher sensitivity is mainly due to the EU energy dependence, which in 2009 was beyond 60% of the gross inland consumption. The electricity price lower sensitivity is mainly due to the power sector mix configuration: in 2010 the thermoelectrical share was about 50%, whilst the nuclear share 30% and the RES share 20%. Furthermore, the thermoelectrical production is fuelled for over half from coal, the more stable fossil source, and marginally from oil, the less stable fossil source.