Russia's war in Ukraine is fueling fears of a natural gas emergency in Europe. AP explains the key things to know about energy pressures, and how they could lead to an economic and political crisis next winter — or even sooner in a worst-case scenario.
Vice Chancellor Robert Habeck said it was “bitter” to turn to coal but that “in this situation, it is sheer necessity.” The government plans measures to incentivize industry and utilities to use less natural gas.“Gas use must be further reduced, so that more gas can go into storage, otherwise in winter, it’s going to be tight,” he said.to conserve natural gas that would otherwise be burned to produce electricity.
Europe’s gas security is fragile despite all those measures. Liquefied gas export terminals in energy-producing countries like the U.S. and Qatar are running at full speed, meaning Europe is bidding against Asia for finite supplies., took a fifth of U.S. export capacity offline for months sending another shudder through the gas market. Most of the terminal’s exports were going to Europe, Rystad Energy said.
“The situation on the European natural gas market is escalating further,” commodities analyst Carsten Fritsch at Commerzbank Research said, pointing to the explosion and a scheduled maintenance shutdown of Nord Stream 1 that will mean no gas flowing through the pipeline July 11-21. “The urgently needed buildup of gas stocks for the winter months could therefore falter” and prices will likely go even higher.
Gazprom’s steps have sent natural gas prices sharply higher after they had fallen in the wake of winter heating season. That increases revenue for Russia at a time when it’s under pressure from Western economic sanctions and adds to stress onGazprom’s moves also can be seen as pushback against Western sanctions and as a deterrent to imposing further penalties. And bigger gas users have been put on notice that, just like smaller ones, they are not exempt from a possible cutoff.
Germany and Italy saw their supplies cut around the time their leaders joined French President Emmanuel Macron in Kyiv to meet President Volodymyr Zelenskyy and
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