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If Europe fails to deliver a comprehensive solution for its citizens facing financial stress, the impact on the continent's social fabric will be enormous, Maria Tadeo writes. And that will feed right into the hands of Russian propagandists, who would love nothing more than to divide the bloc over how firmly it must respond to Moscow's invasion of Ukraine.

Putin seems to have the upper hand in the economic war against the EU and Europe.

From Bloomberg's round-up of morning news:

The energy crisis may have a worse impact on UK households than the 2008 financial meltdown, consultants Baringa Partners said. British companies will have to pay more than four times the 2020 price when they renegotiate contracts in October, the FT reported, citing Cornwall Insight. And the €280 billion euros of aid set aside by European politicians risks being dwarfed by the scale of the crisis.

They won't be issuing an RNS today if they think they will be issuing one tomorrow, so, as others have said, it's a question of patience.

Yesterday's total volume was 53.0m, today's is, to date, 45.2m.

at 12:39:33.

Down in some volume: 15.9m on AIM, 7.5m on Aquis.

Yesterday was a very quiet volume day (6.1m), today is looking better (9.9m so far).

of which Angus's share is 80%.

National Grid warns of three-year energy crisis as emergency effort launched to cut factory power use (headline of Daily Telegraph article, I don't subscribe so can't post the article itself).

National Grid warns of three-year energy crisis as emergency effort launched to cut factory power use (headline of Daily Telegraph article, I don't subscribe).

Cheap at the price! A Bloomberg headline suggests European power is at the equivalent of $1,000 a barrel.

It seems to be a big family.

PS: I think it is clear, the big suppliers of energy to households are seriously concerned about the level of bad debt they are beginning to confront.

CEO of Scottish Power is suggesting a scheme to freeze the energy cap for a couple of years. Estimated (or guesstimated?) cost to the government: £100bn. This is about 50% more than the cost of Rishi Sunak's furlough scheme.

It's a dramatic situation and most unfortunate it should coincide with the present vacuum at the centre of government in the UK.

PS: Sir John Redwood may return to government if Liz Truss becomes the next PM.

Every action needs to be taken by the industry and government to produce more UK gas. It is the gas shortage that is now doing most damage.

https://twitter.com/johnredwood/status/1561978926502711297?t=9NbuXULhysAslGOWgZQzBA&s=19

Thanks to Lemonleaf on the Angus board.

... The cost of wholesale UK gas saw a major rally on Monday, driven by new fears about Russia cutting supply further through the Nord Stream pipeline. Gas prices jumped 23% to 568 pence per therm, more than 10 times the average over the past four years.

At these prices, it’s uneconomical for many heavy users to bother manufacturing anything. Smelters in the rest of Europe have already been halted because of high energy prices and one has been shut for good.

https://www.bloomberg.com/news/articles/2022-08-23/uk-had-early-warning-but-still-faces-industry-crisis-over-energy?cmpid=BBD082322_CEU&utm_medium=email&utm_source=newsletter&utm_term=220823&utm_campaign=closeeurope&sref=Em01M8Hr

Half of UK households are facing fuel poverty this winter unless the government does more to help with energy bills, EDF has warned.

Philippe Commaret, a senior executive at EDF Energy UK, said without further support, people face a "catastrophic winter".

Energy bills are predicted to be nearly four times higher than last winter.

A household is considered to be in fuel poverty if it has to spend 10% or more of its disposable income on energy ...

https://www.bbc.co.uk/news/business-62643934

RE: Heid's Departure DateMon 10:58
Im The Parrot @ImTheParrot Replying to @Heid_oil

@pijoe1212 Pete Brailey and @UnionJackOilplc
last time I checked LSE had 38 posts + upon seeing 13 green boxes on my screen I can only assume that they were all yours but fear not about my head in the sand persona as I'm already looking forward 2 your promise of never posting again on LSE if UJO SP isn't a £1 by year end
8:51 pm · 13 May 2022

With thanks to Heid on the UJO board

Click on the "Alba Share News" tab at the top for Alliance News's coverage of this morning's RNS.

Nothing new in there but the length of the article shows just how much news was contained in the RNS.