As Energy Prices Soar in Europe Can Canadians Expect the Same?

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    Natural Gas Meter

    Throughout the past month or so, residents in Britain and across Europe have been facing rising costs in energy prices. The increase in prices is being blamed on the current war in Ukraine, which seems to be driving up the sale of natural gas. These increasing prices are being felt by individuals and businesses across the UK and Europe.

    Why The Increase is a Problem

    There are a number of different reasons why increases in energy prices are starting to become a problem for both individuals and businesses.

    For Individuals

    As energy prices increase, so too does the amount that individuals need to pay in order to heat their homes. This is a problem all year round but particularly as winter steadily creeps in. The past few seasons in the UK and Europe have brought with them unprecedented extremes and if this continues in the winter then people are going to need to heat their homes as much as possible, which will cost a great deal.

    Stormy Skies

    Source: Pexels

    For Businesses 

    Granted, the increase in energy is not a problem for every business out there since there has been a gradual shift online for a number of different organisations and industries. This comes as digitalisation completely revolutionises the way that a lot of different sectors work. Consider the casino industry for instance, which was always brick-and-mortar until the 90’s when the first online casino was made.

    Ever since the 90s, online casino has only continued to thrive so that there are different options out there for everyone, regardless of the games they enjoy and the country they are in. In Canada for example there are different websites available to the point that sites like Bonus Finder are available to help locals pick the casino they would like to play the most. If people want to visit PlayOJO then they will be able to visit the site and learn about PlayOJO and how good it is for players in Ontario.

    This move online has happened in a number of industries, not just gambling. Those that still require a physical presence are the ones who will struggle the most in the face of rising energy bills. For instance, the likes of cafés, restaurants and hospitality industries will have the hardest time.

    Will Canada Feel an Impact? 

    There are a number of different ways that Canadian homes and businesses are powered, which include the likes of hydro energy, petroleum and natural gas. Even though there is currently a crisis overseas, there is no doubt that Canada is actually in a pretty secure position when it comes to energy supply.

    There are a number of different factors that can come together and end up impacting the price of energy in Canada. These include transportation, weather conditions and demand. That being said, government officials have confirmed they will continue to work as hard as they can in order to make life a lot more affordable for Canadians.

    Wind Turbine

    Source: Pexels

    The Energy Crisis and Its Impact 

    At the moment, countries across Europe are experiencing very high energy prices. These are a problem for both individuals and businesses. A lot of people in Canada are naturally concerned about whether or not this increase will affect them but it looks as though Canada is in a reasonably secure position. More information will be released in the build-up to winter but until then, government officials have confirmed energy prices will continue to be liveable for individuals and organisations.