Energy industry in Europe 2022
In 2021, the renewable energy industry remained remarkably resilient. Rapid technology improvements and decreasing costs of renewable energy resources, along with the increased competitiveness of battery storage, have made renewables one of the most competitive energy sources in many areas. Despite suffering from supply chain constraints, increased shipping costs, and rising prices for key commodities, capacity installations remained at an all-time high. Gross available energy in the European Union in 2020 decreased compared with 2019 (-8.1 %). Oil (crude oil and petroleum products) continued to be the most significant energy source for the European economy, despite a long-term downward trend, while natural gas remained the second largest energy source. Both oil and natural gas were on the decline in 2020, decreasing by 12.6 % and 2.4 %, respectively. The contribution of renewable energy sources continued to grow. Renewables already surpassed solid fossil fuels in 2018 and 2019, and gained further ground in 2020. Solid fossil fuels decreased by 18.4 % in 2020, sinking to the lowest value since 1990.
The energy industry describes an inter-related network of companies that are directly and indirectly involved in the production and distribution of energy. Worldwide energy demand, changing prices largely drive the performance of energy sector. The energy sector is also very sensitive to political events. However, the energy companies should have well managed internal management in order to be ready for external challenges and difficulties. This is the moment when technological innovations come to aid. These innovations are the reason for transformations in the industry, transforming the industry, leads to operational efficiencies and a renewed supplier-customer relationship. The new solutions are beneficial in many terms. They enable automation of operations and processes. As a result, companies achieve minimizing costs and the risk of manual errors that would affect end-user satisfaction. Its ability to scale up and down without service interruption creates an opportunity for adaption to market needs. Furthermore, energy companies can get the advantages of other services that we offer like Global Management and Outsourcing. It is hard to imagine industries not benefiting from IT services. The energy sector is not an exclusion as well. Many information technology systems support seamless dataflow. This streamlines the process, reduces costs, increases data accuracy and supports timely data analysis.
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