April 2026

The energy crisis triggered by the conflict in the Persian Gulf is now approaching two months. Yet another energy shock directly affecting almost the entire planet, causing inflation and a gradual slowdown of national economies. The global economy is at its limit and remains there mainly due to the release of strategic oil reserves. However, as days go by, the productive capacity for extracting fossil fuels is decreasing, and this may lead to further price increases in the coming autumn.

And yet, Europe’s effort to reduce its dependence on fossil fuels is a path that could significantly mitigate the impacts of energy crises. One optimistic step is the interconnection of Crete with the mainland electricity system, which reduces oil consumption in Greece by approximately 400,000 tonnes per year.