RE: 3p tomoro24 Aug 2022 09:16
And this one posted by TheShen.
Article from bloomberg ,while the Taoiseach asked yesterday "how did this situation creep up on us"
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German Power Prices Smash Record as Energy Panic Engulfs Europe
Nord Stream pipe set for three-day maintenance from Aug. 31
Gas settles at record high, while French power, coal surge
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WATCH: Germany may consider delaying shutdowns of its remaining nuclear plants as Russia squeezes gas supplies. Birgit Jennen reports.Source: Bloomberg
ByVanessa Dezem and Anna Shiryaevskaya+Follow
22 August 2022 at 07:22 GMT+1
Updated on22 August 2022 at 17:46 GMT+1
European gas and power prices surged as panic over Russian supplies gripped markets and politicians warned citizens to brace for a tough winter ahead.
Benchmark gas settled at a record high, while German power surged to above 700 euros ($696) a megawatt-hour for the first time. Russia said it will stop its key Nord Stream gas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work. Europe has been on tenterhooks about shipments through the link for weeks, with flows resuming only at very low levels after it was shut for works last month.
“The catastrophe is already there,” Thierry Bros, a professor in international energy at Sciences Po in Paris, said. “I think the major question is when EU leaders are going to wake up.”
In one of the most dire warnings yet, Belgian Prime Minister Alexander De Croo said Europe could face up to 10 difficult winters. It would put sustained stress on major economies and leave thousands of households struggling to pay their bills. Concerns over the economy pushed the euro currency to a two-decade low on Monday, while inflation is at the highest in years.
Europe finds itself in a precarious situation with the official start of the winter heating season just over a month away. Nations are rushing to fill storage sites, but they are still heavily dependent on Russian gas and any further cutbacks could make rationing a reality.
French President Emmanuel Macron warned people of the potential hardships in the coming months, and asked them to “accept paying the price for our freedom and our values,” he said in a speech Friday commemorating the liberation of a town in southern France in World War II.
Germany’s circumstances are particularly urgent: the country’s dependence on Russian gas leaves it vulnerable as it desperately searches for alternative supplies. The nation is considering restarting coal-fired power plants and may extend the life of remaining nuclear power plants, while urging gas conservation. Industries in Europe’s biggest economy are already take a major hit.
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