Investment Institute
Macroeconomic Research

Can Europe make it through another winter? An update on Europe’s gas crisis and a case study on Germany 

  • 19 October 2023 (10 min read)

Key points

  • In August 2022, Russia cut off its Nord Stream gas pipeline to Europe, triggering an unprecedented gas crisis. But the worst-case scenario was avoided thanks to a mild winter and material efforts in place to save gas consumption.
  • However, Europe’s energy supply is still in a state of transition and despite lower risks, some uncertainties persist.
  • In this paper we review the current situation in Germany, Italy and France and explore different potential scenarios for this winter.
  • We also address France’s nuclear programme and its uranium procurement.

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