According to CNBC, Stefano Weiner, CEO at energy company Snam, said that "for a long time, water was considered as being for free, as something that is fully available in any quantity."

"Now, we are discovering that with climate change, water can become scarce. And we have to regain the perception of importance, and the value that water has, also, with respect to energy production", he added.

The executive is worried that lower water levels can't sustain the energy production capacity that is necessary today nor will help with the supply of fuels such as coals to power plants, as ships won't be able to travel as freely.

As energy companies around the world look to move away from fossil fuels and adopt greener energy sources, water will become more important than ever, with projects such as hydro power plants being one of the attractive options.

Experts at the International Energy Agency warn that "energy supply depends on water. Water supply depends on energy."

"The interdependency of water and energy is set to intensify in the coming years, with significant implications for both energy and water security", they add.

For example, Beznau nuclear plant in Switzerland had to lower its output to prevent overheating of the river, which would put the ecosystems there in danger.

Although things got back to normal and the plant resumed its operations, this kind of events could take place more often in the future, due to climate change.

Officials in Norway, which is a country that relies a lot on its hydro power production, considered reducing energy exports due to lower water levels, which automatically decreased energy production capacity.

Following the events in Eastern Europe, EU authorities have to look to other parts of the world in order to get the needed supply of fossil fuels.

The CEO of Snam said that "in the last couple of months, we have bought two floating vessels to re-gas the LNG. Those two vessels will be placed in operation — one next year and the second in 2024."

These ships would "open, of course, new markets like West Africa or other parts of the world that can supply the gas", he added.