European Union Faces Slump in Energy Consumption

Published Date : Feb 10, 2015

As per latest statistics, the European Union at present is exhibiting abysmal levels of energy consumption. Such low levels were earlier observed more than twenty years back. The annual oil consumption in EU in 2013 was by far the least mainly because of the euro zone economic crisis. In fact, in 2013, the drop in oil consumption had exceeded 9% when compared with the 2006 figures. Yet, Europe depends immensely on oil imports, in spite of this major plunge.  

Majority of the oil imports of Europe come from Norway and Middle East. At that point of time, low oil prices led to a total cost on imports that exceeded 297 billion pounds. However, that statistic is prone to volatility due to the impact of sharply falling oil prices and also Euro’s exchange rate. 

Owing to sufficient supply of fossil fuel, the UK economy till now has been exhibiting least dependence on major member states for oil imports. In fact, approximately 46% of UK’s primary energy is supplied by other countries. This independence will most probably start declining in the forthcoming years, since the supply of gas and oil from the North Sea is ebbing out. 

About 48% of fuel supply in France comes from overseas markets, since France depends on nuclear reactors for meeting its electricity demands. As against France, Germany imports approximately 63% of its total energy demands. 

With a production level of 29%, the European Union accounts for the largest share in electricity generation via nuclear power. 

According to a recently released document, the European commission is working towards introducing a new legislation that would necessarily make member states ensure that their buildings are made more energy efficient.