Financial Well-being and Sustainable Growth
Spike in energy prices1
Headwinds: Spike in energy prices affecting energy policy
1,600
Indexed (Jan 2020=100)
Natural gas
(Europe)
1,200
800
Crude oil
400
LNG (Japan)
0
2020
1.
Source: World Bank (monthly).
Natural gas (US)
NOMURA
Responses to energy crisis
UK
£15bn-plus additional support
package for household facing
climbing living costs (May)
Germany
Norway
Increased gas supply to EU (Jun)
Took emergency measures to cap
natural gas consumption and increase
coal-fired power plant operations (Jun)
Announced plans to keep nuclear power
plants on standby until Apr 2023 (Sep)
France
Extended existing price cap on
power and gas (Sep)
Europe (EC)
Japan
PM directed ministries and agencies to
start looking into development and
construction of next generation nuclear
power plants (Aug)
Plan to reduce dependency on Russian gas and
oil. Aiming to also address climate change,
including raising renewable energy usage to 45%
by 2030 (May)
Determined at Sep energy ministers' meeting to
discuss to keep power and energy prices down
(Aug)
"
2021
2022
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