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Europe’s energy crisis getting worse – BOL News

Europe’s energy crisis getting worse – BOL News
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Europe’s energy crisis getting worse

  • Europe has succeeded in filling its storage facilities.
  • It is exceeding its goal of having them 80% full by November.
  • Europe may experience a colder, drier, and maybe less windy winter.

While preparing for a harsh winter, Europe is dealing with a worsening energy problem. Supply shortages and record-high gas prices are fueling anxiety over the impending winter.

Here is everything you need to know about the energy crisis and upcoming events.

According to estimates, Europe has succeeded in filling its storage facilities, exceeding its goal of having them 80% full by November. This winter, the continent should have enough fuel to generate electricity.

The area has also looked into alternative gas sources, such as receiving LNG imports and more pipeline gas from Norway and Azerbaijan. Governments have also endorsed policies to help individuals cope with rising costs.

However, a reasonably “normal” winter is necessary for the region to remain stable because if temperatures drop, demand may rise to levels that Europe’s reserves are unable to meet.

The worst-case scenario, according to Pankratz, is a very cold winter in Europe.

“[In this situation], the worst-case scenario for the economy is that it completely collapses in Europe because they are unable to create anything due to the high cost of doing so. … the government gives sending gas to heat people’s homes a higher priority than sending it to industries,” he said.

The alternative worst-case scenario, he continued, “is that they actually run out of gas, in which case people won’t be able to heat their houses. However, I don’t foresee that probably happening.”

According to current predictions from the European Centre for Medium-Range Weather Forecasts, Europe may experience a colder, drier, and maybe less windy winter.

The question is what will happen next year, experts concur, despite the fact that this is a difficult season for Europe.

“I don’t believe there will be a severe energy crisis that causes Europe’s lights to suddenly go out. However, there must be some moderation and awareness that one cannot simply lead a regular life, according to Carlos Torres Diaz, Rystad Energy’s head of power.

“Europe claims that we can survive this winter, but there is still a lot of Russian gas in the storage facilities. Therefore, we are expecting that Russian gas won’t be coming back. If that happens, it will be quite challenging to fill the storage just again in time for the following winter, he added.

Regardless of what occurs, next year will be even tighter since storage will be emptying, Diaz continued.

According to Pankratz, Europe needs to consider its options for the foreseeable future.

“The issue won’t go away… They will need to think about what they do in the future because they will likely encounter this issue again and it will likely be worse.

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Source: Bol News

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