Tom Nolan + 2,441 TN August 29, 2022 For many, many months and well before Ukraine-Russia, I have been saying that Europe is DELIBERATELY being destroyed. This is not accidental. It is an intentional controlled demolition of Europe's economy in order to further enslave its populace. --TomNolan https://oilprice.com/Energy/Energy-General/Europes-Energy-Crisis-Has-Ended-Its-Era-Of-Abundance.html Europe’s Energy Crisis Has Ended Its Era Of Abundance By Irina Slav - Aug 29, 2022, 7:00 AM CDT In a somber speech last week, French President Emmanuel Macron warned that France has come to the end of its “era of abundance” and said hard times are ahead. The Prime Minister of Belgium has said that Europe will have five difficult winters in the coming years due to an energy shortage with no short-term solution. While European gas storage is filling up ahead of schedule and it may be able to survive the coming winter, the suffering is far from over for the continent. Join Our Community European gas prices broke yet another record last week, driven by the anticipation of production outages in Norway, lower nuclear energy production in France, and, of course, Gazprom's planned shutdown of Nord Stream 1 for three days beginning on Wednesday. Benchmark prices in the Netherlands hit close to 316 euros per megawatt-hour earlier this week, which is equivalent to about $315 per MWh. In addition to the Nord Stream news, planned gas field maintenance in Norway also contributed to the latest price spike, as did news of planned outages at export terminals. Citi analysts this week forecast UK inflation could reach 18.6 percent by January as energy costs continue up inexorably. These costs prompted several energy executives this week to warn of social unrest in the country. French President Emmanuel Macron, meanwhile, dropped a bomb in his first speech after the government's summer break, saying France has come to the end of the "era of abundance," warning that hard times were ahead and blaming them on climate change and Russian President Vladimir Putin. "What we are currently living through is a kind of major tipping point or a great upheaval … we are living the end of what could have seemed an era of abundance … the end of the abundance of products of technologies that seemed always available … the end of the abundance of land and materials including water," Macron said, as quoted by The Guardian this week. France has been suffering greatly reduced nuclear output, on which the country depends for most of its energy consumption and which it also exports. With about half of its reactors down, France has resorted to electricity imports from Germany. And then there have been droughts, which Macron referenced in his speech. Droughts have indeed taken an additional toll on Europe, affecting hydropower production in large producers such as France and Norway and consequently fueling the price rise in fossil fuels utilities have to lean back on in times of lower hydropower production. In Germany, droughts interfered with oil and coal supply to utilities as the level of the Rhine remained too low for many vessels to reach the storage sites and power plants where the coal and oil will be needed this autumn and winter. "Due to very reduced domestic shipping, accumulated coal stocks could quickly fall," a document produced by the German economy ministry and cited by Reuters, said. "Additional storage sites which have been and are being procured in southern Germany will probably not be filled by winter," it warned. Meanwhile, Chancellor Scholz returned from Canada without a commitment of more LNG supply as Ottawa demonstrated it would much rather partner with Germany on hydrogen, which is touted as the cleaner alternative to natural gas that will dominate the market after the transition. In fairness, even if Canada had made a commitment to supply Germany with LNG, it would not have come soon enough to secure supply for this winter. Yet it would have alleviated fears for the future as Belgium's Prime Minister warned Europe was looking at not one but rather five to ten difficult winters ahead. "The key is energy, energy, energy. There is an energy crisis, let's be honest about that, electricity prices are 10 times pre-COVID levels, that is a shock to the system," Thomas Costerg, a senior analyst at Pictet Wealth Management, told Reuters this week. Since the start of the year, gas prices have surged by close to 30 percent, with the August gain alone at 40 percent. This has, of course, pushed electricity prices higher, too, with national day-ahead averages breaking all-time records and adding to mounting pressure on governments to find a way to avert the worse of the crisis. Expectations are not very high, however. Recession is a word that is being used increasingly frequently with regard to the immediate future of Europe as energy prices continue to fuel inflation that seems to be getting less and less manageable. The only good news so far is that European gas storage is filling up ahead of schedule, so there will be some gas in case Gazprom decides to leave Nord Stream 1 shut. According to analysts, however, this will only postpone the worst of the crisis rather than avert it. Morgan Stanley delivered that last warning, saying that "If Nord Stream 1 flows fall to zero, this winter's inventories should also still be manageable," but adding that “if those flows don't recover, the accumulating loss next year would then create an exceptionally tight winter 2023/24," in a note cited by MarketWatch. It does look like the age of abundance that much of Europe had enjoyed for a couple of generations is coming to an end. In his speech, Macron said that he would prioritize the energy transition this autumn instead of finding ways to make energy prices more manageable for the millions of Frenchmen struggling to pay their bills. If those bills keep climbing, then the UK might not be the only country facing civil unrest. By Irina Slav for Oilprice.com More Top Reads From Oilprice.com: Europe’s $280 Billion Support Package Could Make Energy Crisis Worse TotalEnergies Denies Accusations That It Supplied Fuel To Russian Army Canada Set To Miss Out On A Massive LNG Opportunity 2 Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 https://oilprice.com/Energy/Energy-General/The-UK-Price-Cap-Has-Plunged-Millions-Into-Energy-Poverty.html The UK Price Cap Has Plunged Millions Into Energy Poverty By ChAI - Aug 28, 2022, 4:00 PM CDT Energy regulator Ofgem has officially announced a new price cap for household energy bills, increasing the cap to £3,549 per year from the current price of £1,971. The price cap mechanism, introduced in 2019, was designed to eliminate the profiteering of energy companies but has ended up hurting both consumers and companies. With millions in Britain now facing energy poverty, the calls for a replacement of the price cap with some other system are only growing louder. Join Our Community On Friday 26th August, energy regulator Ofgem announced the new price cap for household energy bills will be £3,549 per year. The cap indicates the maximum amount that suppliers are able to charge their customers per unit of gas and electricity used, as well as setting a cost for the daily standing charge, and will come into effect on October 1st. The price cap currently stands at £1,971 per year, based on typical use for the average household, which is already a 54% increase on the £1,277 per year that was in place between October 2021 and March 2022. The figure announced on Friday, as was predicted by many, makes for news that is at best sobering, and more likely depressing, for many households around the country. Due to the importance of this change, and what it represents for the wider energy crisis in Europe, it is worth taking a look at this pricing mechanism, why it exists, and what impact it has on both energy companies and households. Photo by iMattSmart Boom or Bust Before diving into the present situation, it is worth glancing back at the winter of 2021/22, during which it seemed like there was a small energy supplier collapsing every week. The most notable of these collapses was Bulb, a company that provided over 1.5 million customers with their gas and electricity before ceasing to trade in late 2021 and entering into special administration on November 24th of the same year; a state of uncertainty in which it remains to this day. A key reason behind the fall of so many small energy companies was Ofgem’s price cap. The mechanism, introduced by Theresa May’s government in 2019, was intended to prevent consumers who stayed loyal to their energy providers from having to pay higher energy tariffs than those who frequently changed providers to secure more favorable deals. While this seems an arguably admirable attempt to eliminate the profiteering of energy companies at the expense of the average consumer, the unintended consequences of introducing the price cap are now reverberating around the market louder than ever. TTF Natural Gas Prices since September 2021, including ChAI’s forecast until November 2023. The price gap changed the landscape of the energy market in the UK because it gave a significant advantage to those companies with sufficiently deep pockets to hedge, or forward-buy, wholesale energy. The giants of the industry, such as Centrica-owned British Gas or Eon, were therefore at a significant advantage to those smaller players who would purchase their wholesale energy on shorter-term contracts. When Natural Gas prices started to rise and push the cost of wholesale energy above the price cap last winter, those companies who were buying at those high prices were therefore unable to pass on their costs to their customers, leading to the wave of suppliers collapsing last year. Meanwhile, many of those industry leaders who survived last winter have been posting record profits in 2022. British Gas has pledged to donate £12 million, or 10% of its H1 2022 profits, to help the most vulnerable households through the impending crisis, which seems a well-intentioned gesture. Nonetheless, against a backdrop of parent-company Centrica’s £1.34 billion profits from the first half of this year, it is likely that the offering from British Gas will be viewed as underwhelming. Reality is, of course, more nuanced than this; the majority of Centrica’s profits have resulted from oil and gas exploration and the subsequent sale of the two commodities during a period of record-high prices, rather than from exploiting the bank accounts of ordinary households. However, during a time of national crisis, it remains to be seen whether nuance will guide debates as to how to tackle the crisis. Photo by Anja van de Gronde Time to Reconsider the Cap? Friday’s price cap announcement will make for bleak news for households and it is unfortunately a situation that is only likely to worsen. The new cap that will take effect on October 1st is only fixed until the end of the year, and another announcement will be made on November 24th regarding the limit for the period January 1st to March 31st, 2023. Predictions made by analytics firm Cornwall Insights previously suggest that the new year could bring a further raise of 31%, bringing the annual total up to the region of £4,500 per year for an average household. However, to coincide with the actual cap rise on the morning of Friday 26th August, Cornwall Insights have updated their forecast price cap for Q1 2023 to an eye-watering £5,386 per year. It is clear that whatever the reality of the increased bills that households will face for their gas and electricity, some kind of change is needed to the domestic energy market. Cornwall Insights, when commenting on Friday’s rise, stated that the cap was “never meant to be a permanent solution” and called for a review of all “viable alternatives” that could be implemented in its place. Indeed some energy companies, including Scottish Power, have similarly called for an overhaul of the cap. The company’s Chief Executive, Keith Anderson, was recently quoted in an article for the Financial Times stating that the cap should be replaced by a social tariff that would protect the most vulnerable households from significant bill increases, at least until the market stabilizes. While this could provide an imperfect solution, the concept of when the energy market will be ‘stable’ is another problem entirely. Ultimately, any suggestions for long-term solutions to protect low-income households from crippling energy bills in an increasingly volatile world for oil and gas prices do not solve the immediate issue. Action to address the crisis from the government is yet to appear in a genuinely meaningful form, and though this may change following the confirmation of the UK’s new Prime Minister on September 5th, many are understandably calling for a faster response. Today’s announcement may indeed force more immediate action; fuel poverty for millions of households across Britain is no longer a prediction, but an inevitable reality. By ChAI More Top Reads From Oilprice.com: China Accounts For Nearly Half Of The World’s Renewable Energy Capacity California To Ban The Sale Of ICE Vehicles Energy Executives Warn The UK Could Face Civil Unrest As Power Bills Rise Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 https://oilprice.com/Latest-Energy-News/World-News/Czech-Republic-Calls-Emergency-EU-Meeting-On-Energy-Crisis.html Czech Republic Calls Emergency EU Meeting On Energy Crisis By Josh Owens - Aug 26, 2022, 1:30 PM CDT The Czech Republic, which holds the rotating Presidency of the European Union, will convene an urgent meeting of the energy ministers of the bloc to discuss specific emergency measures to address the energy situation, Czech Prime Minister Petr Fiala said on Friday, as the energy crisis in the EU is worsening with prices rallying to new records. Jozef Síkela, Minister of Industry and Trade of the Czech Republic, also tweeted on Friday, “We are in an energy war with Russia and it is damaging the whole EU. In agreement with the European Commission and Prime Minister Fiala, I will propose to convene an extraordinary meeting of the EU Energy Council at the earliest possible date.” The energy ministers of the EU have a regular meeting scheduled for October, but considering the soaring gas and power prices, the rotating president of the EU, the Czech Republic, wants now to convene a summit as soon as possible. Meanwhile, year-ahead electricity prices in France, Germany, and the Nordic countries jumped on Friday to fresh records as natural gas supply from Russia continues to be limited ahead of the winter. Soaring energy prices are fueling inflation and adding a lot of burden on households and industries across Europe. In France, year-ahead power prices surged as much as 13% on Friday alone, to $1,003 (1,000 euro) per megawatt-hour for the first time ever. In Germany, year-ahead electricity prices also hit a record of $843 (840 euro) per MWh on Friday, surging by 50% this week alone. Energy prices in Europe have been smashing records all this week after Russia’s Gazprom said on Friday that it would halt all deliveries via Nord Stream to Germany for three days between August 31 and September 2. This announcement raised renewed concerns that supply via the pipeline could be further cut or halted altogether after the three-day unplanned maintenance at the end of August. Also in Europe, although outside the EU, EDF, the French utility that also has business in the UK, warned earlier this week that as many as half of British households may be facing fuel poverty because of the inexorable rise in energy prices. By Josh Owens for Oilprice.com More Top Reads From Oilprice.com: Germany Lowers Gas Sales Tax To Ease Burden On Consumers Natural Gas Demand Outpaces Production Russia Is Flaring Natural Gas While Choking Supply To Europe Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 https://oilprice.com/Energy/Energy-General/Power-Prices-Break-Records-As-Europes-Energy-Crisis-Persists.html Power Prices Break Records As Europe’s Energy Crisis Persists By Tsvetana Paraskova - Aug 26, 2022, 10:00 AM CDT Electricity prices across Europe are breaking record after record. The slowing natural gas supply from Russia is fueling further upward price pressure. Soaring energy prices are fueling inflation and adding a lot of burden on households and industries across Europe. Join Our Community Year-ahead electricity prices in France, Germany, and the Nordic countries jumped on Friday to fresh records as natural gas supply from Russia continues to be limited ahead of the winter. Soaring energy prices are fueling inflation and adding a lot of burden on households and industries across Europe. In France, year-ahead power prices surged as much as 13% on Friday alone, to $1,003 (1,000 euro) per megawatt-hour for the first time ever, per Bloomberg’s estimates. French power prices have now soared tenfold over the past year. Apart from rallying gas and power prices in the rest of Europe, France’s electricity supply is constrained by outages at some of its nuclear power plants. France's nuclear power generation accounts for around 70 percent of its electricity mix, and when its reactors are fully operational, it is a net exporter of electricity to other European countries. Prolonged maintenance at several nuclear reactors this year, however, means that France—and the rest of Europe—have less nuclear-generated power supply now. In Germany, year-ahead electricity prices also hit a record of $843 (840 euro) per MWh on Friday, surging by 50% this week alone. Europe’s benchmark power price, the price in Germany, traded on Thursday at the equivalent of $1,101 a barrel crude oil, while the price of benchmark natural gas would be $518 per barrel in crude oil, according to Bloomberg’s estimates. In the Nordic countries, year-ahead power prices also jumped by double digits on Friday, up by 11% to a record high of $278 (277 euro) per MWh. Energy prices in Europe have been smashing records all this week after Russia’s Gazprom said on Friday that it would halt all deliveries via Nord Stream to Germany for three days between August 31 and September 2. This announcement raised renewed concerns that supply via the pipeline could be further cut or halted altogether after the three-day unplanned maintenance at the end of August. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com: Half Of UK Households Will Be In Fuel Poverty By January India Seeks Consensus Before Committing To Russian Oil Price Cap Russia And Saudi Arabia Are Battling For Oil Market Share In Asia Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 https://oilprice.com/Energy/Energy-General/Energy-Executives-Warn-The-UK-Could-Face-Civil-Unrest-As-Power-Bills-Rise.html Energy Executives Warn The UK Could Face Civil Unrest As Power Bills Rise By ZeroHedge - Aug 25, 2022, 11:00 AM CDT Soaring electricity costs could leave many Brits unable to afford their bills this winter. Energy bosses are warning that the UK could face mass civil unrest/ Energy bills are set to soar to £6,522 by next April, a level that threatens to push a third of the country into poverty. Join Our Community Energy executives in the UK have warned the government that the country faces the prospect of mass civil unrest as a result of people being unable to afford their heating and electricity bills this winter. The government is being asked to approve “radical” COVID-style bailouts for small businesses which face total ruination as a result of soaring energy costs. “Energy company bosses have warned ministers they fear civil unrest if nothing is done to cushion the blow of rising bills,” reports the Telegraph. One senior industry figure said that when people “realize how bad this is going to get,” they could take their anger to the streets in the form of violent demonstrations. The comments are similar in nature to those made by campaigner Tom Scott, who is urging people to refuse to pay their bills, and says social disorder is on the horizon. “There was a major riot in London [in 1990],” said Scott, referring to the poll tax riots. “That’s not something I would like to see, but I think it’s almost inevitable that unless the Government does take much more effective action to help people, there will be widespread civil unrest.” Despite the warnings, Prime Minister Boris Johnson continues to insist that Brits should maintain their support for ‘the current thing’ – by prolonging the war in Ukraine. “We also know that if we’re paying in our energy bills for the evils of Vladimir Putin, the people of Ukraine are paying in their blood,” said Johnson. “And that’s why we know we must stay the course. Because if Putin were to succeed, then no country on Russia’s perimeter would be safe, and… (that) would be a green light for every autocrat in the world that borders could be changed by force,” he added. Even as many Brits struggle to pay for basic necessities, with food inflation also soaring, Johnson just approved a further £54 million of taxpayer money to be sent to Ukraine to buy new weapons systems. Energy bills are set to soar to £6,522 by next April, a level that threatens to push a third of the country into poverty. “Consultancy Auxilione said the price cap will be three times the current limit of £1,971-a-year,” reports the Daily Mail, with bills having been closer to £1,000 a year before the start of the war in Ukraine. Meanwhile, the UK continues to pursue disastrous ‘net zero’ green energy policies that are unfit for purpose while refusing to allow fracking, which would solve the country’s energy crisis in a heartbeat. Perhaps many Brits will choose to keep warm this winter by lighting fires on the streets instead of paying their heating bills at home. By Zerohedge.com More Top Reads From Oilprice.com: Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil China Accounts For Nearly Half Of The World’s Renewable Energy Capacity California To Ban The Sale Of ICE Vehicles Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 EXCERPT Europe’s benchmark power price now trades at the equivalent of $1,101 a barrel crude oil, while the price of benchmark natural gas would be $518 per barrel in crude oil, according to Bloomberg’s estimates. By Tsvetana Paraskova for Oilprice.com Europe’s $280 Billion Support Package Could Make Energy Crisis Worse By Tsvetana Paraskova - Aug 25, 2022, 12:30 PM CDT https://oilprice.com/Latest-Energy-News/World-News/Europes-280-Billion-Support-Package-Could-Make-Energy-Crisis-Worse.html Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 EXCERPT ...U.S. gas, liquefied and transported to the LNG import terminals in Europe, has been instrumental in filling up Europe’s gas storage caverns ahead of schedule. At the same time, it has highlighted Europe’s vulnerability in the gas supply department: it has virtually no alternatives to U.S. gas, and this has pushed its gas bill ten times higher than what European countries normally spend on gas. The vulnerability was also highlighted by the production outage at Freeport LNG, which supplies about a fifth of U.S. LNG and which has now said it will not restart production before November. Prices continue higher. “Virtually all of our fundamental and technical indicators continue to flash green lights toward higher price levels,” Ritterbusch & Associates said in a note cited by the Wall Street Journal earlier this week. The trading firm also said that U.S. natural gas prices could climb further up as well, close to $12 per million British thermal units in the not-too-distant future..... FROM: Climbing Natural Gas Prices Could Force U.S. To Slash Exports To Europe By Irina Slav - Aug 24, 2022, 4:00 PM CDT The United States has emerged as a top natural gas supplier to Europe. High domestic prices could force the United States to curb exports. If imports from the United States slowed, Europe’s energy crisis could worsen. https://oilprice.com/Energy/Gas-Prices/Climbing-Natural-Gas-Prices-Could-Force-US-To-Slash-Exports-To-Europe.html Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 OilPrice.com – August 19, 2022Energy Prices Trigger Deindustrialization In Germanyhttps://oilprice.com/Latest-Energy-News/World-News/Energy-Prices-Trigger-Deindustrialization-In-Germany.html Energy Inflation Threatens Thousands Of UK Businesseshttps://oilprice.com/Latest-Energy-News/World-News/Energy-Inflation-Threatens-Thousands-Of-UK-Businesses.html Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 Germany may be “shit out of luck” this winter… with a TOILET PAPER shortage From Zero Hedgehttps://www.zerohedge.com/geopolitical/germany-venezuela-toilet-paper-shortage-looms-amid-energy-crisis FULL article (Source links in original)Driven by the imminent energy crisis accelerating across Europe, and policymakers’ refusal to acquiesce because “we have to save democracy in Ukraine”, the German paper industry is warning of supply bottlenecks for toilet paper. As Focus.de reports, the paper industry is sounding the alarm:In the event of a gas shortage, it would no longer be possible to produce enough toilet paper. For the “International Day of Toilet Paper” on Friday , the German paper industry warns of new bottlenecks. Martin Krengel, Vice President of the Association “The Paper Industry”, said:“We are particularly dependent on gas for the production of tissue paper. Without it, we will no longer be able to provide security of supply,” According to data provided by Die Papierindustrie, each German citizen uses an average of 134 rolls of toilet paper per year.“In the current energy crisis, our top priority is to provide people with this important commodity,” Krengel stressed. The last time Germany suffered a toilet paper shortage was at the start of the pandemic, which led to hoarding. Are hyperinflating electricity costs and toilet paper shortages a sign of things to come? What next? Eating flamingoes like the Venezuelans? Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 European Electricity Energy PricesSee GRAPH ! Bloomberg Friday Agust 26, 2022“French Electricity Price Exceeds 1,000 Euros for First Time”https://archive.ph/PO1EZ EXCERPTS (Bloomberg) — The price of power in Europe’s two key markets surged more 25% on Friday, a chaotic spike that will see the continent’s leaders hold an emergency meeting to discuss the crisis. Electricity for next year in Germany and France — both beset by their own severe crises — are setting almost records almost daily… …The European Union is to call an emergency meeting of energy ministers to discuss bloc-wide solutions… …Prices are at a level no one can afford because of “market failure”, Czech Prime Minister Petr Fiala said on Friday afternoon, adding that a pan-European solution doesn’t have to require a price cap. His country currently holds the EU’s rotating presidency. Across Europe, governments have begun to take the drastic step of limiting energy use. In the UK, household bills are set to jump in October after a cap on costs was lifted. The soaring prices looks set to force millions of people to curb consumption. “The French market is going to be extremely tight this winter, especially if we have low wind conditions,” said Kathryn Porter, energy consultant at Watt-Logic. “Everyone in Europe could be trying to import power at the same time and that could create huge challenges and rationing of industrial use.” The French year-ahead contract rose as much as 25% to 1,130 euros a megawatt-hour on the European Energy Exchange AG Friday. The German equivalent also gained to a record, rising as much as 33% to 995 euros a megawatt-hour for a gain of about 70% this week. In oil market terms, it’s the equivalent of over $1,600 a barrel. The surge comes as European natural gas futures climbed for a sixth straight week… …Europe’s politicians have already earmarked about 280 billion euros ($281 billion) to ease the pain of surging energy prices for businesses and consumers, but the aid risks being dwarfed by the scale of the crisis…. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 Just now, Tom Nolan said: European Electricity Energy PricesSee GRAPH ! Bloomberg Friday Agust 26, 2022“French Electricity Price Exceeds 1,000 Euros for First Time”https://archive.ph/PO1EZ EXCERPTS (Bloomberg) — The price of power in Europe’s two key markets surged more 25% on Friday, a chaotic spike that will see the continent’s leaders hold an emergency meeting to discuss the crisis. Electricity for next year in Germany and France — both beset by their own severe crises — are setting almost records almost daily… …The European Union is to call an emergency meeting of energy ministers to discuss bloc-wide solutions… …Prices are at a level no one can afford because of “market failure”, Czech Prime Minister Petr Fiala said on Friday afternoon, adding that a pan-European solution doesn’t have to require a price cap. His country currently holds the EU’s rotating presidency. Across Europe, governments have begun to take the drastic step of limiting energy use. In the UK, household bills are set to jump in October after a cap on costs was lifted. The soaring prices looks set to force millions of people to curb consumption. “The French market is going to be extremely tight this winter, especially if we have low wind conditions,” said Kathryn Porter, energy consultant at Watt-Logic. “Everyone in Europe could be trying to import power at the same time and that could create huge challenges and rationing of industrial use.” The French year-ahead contract rose as much as 25% to 1,130 euros a megawatt-hour on the European Energy Exchange AG Friday. The German equivalent also gained to a record, rising as much as 33% to 995 euros a megawatt-hour for a gain of about 70% this week. In oil market terms, it’s the equivalent of over $1,600 a barrel. The surge comes as European natural gas futures climbed for a sixth straight week… …Europe’s politicians have already earmarked about 280 billion euros ($281 billion) to ease the pain of surging energy prices for businesses and consumers, but the aid risks being dwarfed by the scale of the crisis…. From above:The German equivalent also gained to a record, rising as much as 33% to 995 euros a megawatt-hour for a gain of about 70% this week.In oil market terms, it’s the equivalent of over $1,600 a barrel. $1,600 a barrel Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 29, 2022 https://oilprice.com/Energy/Natural-Gas/Belgian-Energy-Minister-Europe-Faces-Tough-Winter-Without-Gas-Price-Cuts.html Belgian Energy Minister: Europe Faces Tough Winter Without Gas Price Cuts By City A.M - Aug 29, 2022, 10:00 AM CDT Belgian Energy Minister Tinne Van der Straeten is warning that Europe desperately needs to curb natural gas prices. “The next five to 10 winters will be terrible if we don’t do anything. We must act at source, at European level, and work to freeze gas prices,” she explained. EU states have been struggling with huge energy price hikes since key gas supplier Russia invaded Ukraine in February.... Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 30, 2022 Carbon Eugenics Genocide in the name of the environment is still genocide https://www.corbettreport.com/articles/20091211_carbon_eugenics.htm How & Why Big Oil Conquered The World with transcriptshttps://www.corbettreport.com/bigoil/Episode 310 – How Big Oil Conquered The World – 12/28/2015https://www.corbettreport.com/episode-310-rise-of-the-oiligarchs/Episode 321 – Why Big Oil Conquered the World – 10/06/2017https://www.corbettreport.com/episode-321-why-big-oil-conquered-the-world/ Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 30, 2022 Goldman Sachs: UK Inflation Could Break 22% If Gas Prices Remain High By City A.M - Aug 30, 2022, 12:00 PM CDT https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-UK-Inflation-Could-Break-22-If-Gas-Prices-Remain-High.html Quote Share this post Link to post Share on other sites
Michael Sanches + 187 August 30, 2022 I sure wish US and gas prices were measured in the same units so they were easier to compare. US seems to be measured in MMBtu's while Europe seems to be measured in MWts. That is like reporting: Oranges are more expensive in Europe with Apples costing $2.00 per pound in the US while Oranges are 5 Euros per kg in Europe. Huh? 1 Quote Share this post Link to post Share on other sites
RichieRich216 + 454 RK August 30, 2022 Agreed! The EU should have never been created, the less prosperous Countries allowed themselves to be governed by the EU and their national interests may have not aligned with EU policy. 2 Quote Share this post Link to post Share on other sites
footeab@yahoo.com + 2,131 August 30, 2022 2 hours ago, Michael Sanches said: I sure wish US and gas prices were measured in the same units so they were easier to compare. US seems to be measured in MMBtu's while Europe seems to be measured in MWts. That is like reporting: Oranges are more expensive in Europe with Apples costing $2.00 per pound in the US while Oranges are 5 Euros per kg in Europe. Huh? Well, both units are trying to express the same problem. A cubic meter or cubic foot of NG is a pretty worthless number in and of itself as very litter energy is present. Though why anyone still uses BTU, I do not know as no one in engineering actually uses those units and have not done so for half a century or longer on this side of the pond except in the HVAC industry as there are a few nice round common conversion factors when using water based systems which are not convenient in metric and are in imperial as this is literally the basis for imperial. The units are measured the same. Energy present. Usually expressed in cubic feet or meters. Though end consumer sees units generally represented in hour units while the other is represented in seconds. Meh... In the case of one, to get a useful number they have to have 3600 seconds of it(Hour) and still must multiply by 1000 to get a useful number while the other uses seconds and multiplies by a million. 1 Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 31, 2022 Sunday Times, August 28 Business leaders have warned of a jobs bloodbath as soaring energy bills threaten to force hotels to close for the winter, pubs to slash their opening hours and factories to shut down. The starkest estimates put the number of jobs at risk in hospitality at 500,000, while thousands more are under threat in industry and agriculture as employers increasingly find that it costs more to stay open than it does to close. Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 31, 2022 Western Allies Led By UK's Johnson Sabotaged Tentative Ukraine-Russia Peace Deal... In April by Tyler Durden Wednesday, Aug 31, 2022 - 02:25 PM https://www.zerohedge.com/geopolitical/western-allies-led-uks-johnson-sabotaged-tentative-ukraine-russia-peace-deal 1 Quote Share this post Link to post Share on other sites
Tom Nolan + 2,441 TN August 31, 2022 "How In The Name Of God": Shocked Europeans Post Astronomical Energy Bills As 'Terrifying Winter' Approaches by Tyler Durden Wednesday, Aug 31, 2022 - 02:55 PM Over the past week, shocked Europeans - mostly in the UK and Ireland - have been posting viral photos of shockingly high energy bills amid the ongoing (and worsening) energy crisis. Several of the posts were from small business owners who getting absolutely crushed right now, and won't be able to remain operational much longer. One such owner is Geraldine Dolan, who owns the Poppyfields cafe in Athlone, Ireland - and was charged nearly €10,000 (US$10,021) for just over two months of energy usage. Geraldine Dolan, of Poppy Fields Cafe, Athlone, with an electricity bill for just under ten thousand euro for two months. Photograph: Dara Mac Dónaill / The Irish Times Photograph: Dara Mac Donaill / The Irish Times As the Irish Times reports, "The cost of electricity to the Poppyfields cafe for 73 days from early June until the end of August came in at €9,024.70 an increase of 250 per cent in just 12 months. There doesn’t include the €812.22 in VAT, which brought her total bill to €9,836.92." "How in the name of God is this possible," tweeted Dolan. [ARTICLE CONTINUES with IMAGES] https://www.zerohedge.com/energy/how-name-god-shocked-europeans-post-astronomical-energy-bills-terrifying-winter-approaches Quote Share this post Link to post Share on other sites
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