Energy prices are influenced by various factors, including supply and demand, geopolitical events, and technological advancements. As climate change progresses and energy security concerns rise, it is even more important that we transition to a 100% renewable-based economy by 2040. One of the reasons that energy prices have gone up so much is that the main energy multinationals have profited off the crisis and have gambled with the prices of gas and electricity to make themselves richer at the expense of the people.
The transition to renewable energy sources can decrease energy prices for everyone as no fuel needs to be bought and burned to produce energy. This is why we need to speed up the transition by promoting technological advances and scaling up the economy for the renewable energy sector. Additionally, if we reduce our dependence on fossil fuels we are not hit as hard by price fluctuations in the global oil and gas markets.
Only a real shift to renewable energy can contribute to long-term sustainability and stable and reduced energy prices. Now the EU needs to make sure that the path is clear, politically, economically and technologically, to shape the European energy landscape so we can all use clean, affordable and safe energy in our homes.
Keywords: energy prices, energy crisis, energy cost, energy supply, cost of living, fuel bills
