RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2022-08-15 12:25:00

EUROPEAN ENERGY APOCALYPSE

EUROPEAN  ENERGY APOCALYPSE

FT - AUGUST 12 2022 - European governments continue to search for ways of weaning themselves off Russian power before huge increases in energy bills hit households over the next few months.

The latest push came with German chancellor Olaf Scholtz’s backing for a new gas pipeline linking Spain and Portugal to central Europe via France. The proposal, backed today by Madrid and Lisbon, could be ready within nine months, according to Spanish energy and environment minister Teresa Ribera.

In the meantime, according to Portuguese prime minister António Costa, the port of Sines on his country’s south-west coast could be used as a hub to ship liquefied natural gas into Europe. LNG is becoming increasingly important as Russian gas dwindles, but Europe faces strong competition from Asia to lock in supplies for the winter months.

The EU has identified the lack of alternative pipelines as a key obstacle in beefing up the bloc’s energy infrastructure. Berlin is already under serious pressure after Russia cut flows through Nord Stream 1, the key connector with Europe, which is currently running at just 20 per cent capacity. German households are bracing for a surge in heating bills this winter as the shortfall pushes up prices and complicates the country’s efforts to fill its gas storage facilities.

A range of government measures to tackle the surge in energy prices are in operation across Europe, from price caps to tax cuts, windfall taxes and subsidies.

Low rainfall is also complicating matters. Norway this week said it would curb electricity exports to Europe if water levels for its hydropower plants remained low, denting hopes it could come to its neighbours’ rescue. And in Germany, low levels on the Rhine are adding to business worries: inland waterways may only account for about 6 per cent of German transport volumes but are used to ship 30 per cent of coal, crude oil and natural gas.

In the UK, forecasts for household energy bills continue to escalate, fuelling a deepening cost of living crisis. The latest, from consultancy Auxilione, suggests the average could top £5,000 next year, following a steep rise in wholesale gas prices.

Ministers are meeting power company chiefs to discuss possible remedies, while also drawing up plans to combat the threat of outages this winter. On the positive side, a common front against Russia’s energy squeeze has improved fractious relations between the UK and the EU.

The IMF last week suggested European countries pass on increased energy costs to consumers to encourage energy saving and the shift to greener power, albeit with targeted help for poorer households that are disproportionately affected by the increases.

Meanwhile, the International Energy Agency said western sanctions had only had a “limited impact” on Russian oil output. Although exports have fallen to Europe, the US, Japan and Korea, the routing of flows to countries such as India, China and Turkey has mitigated the country’s losses.

The IEA also lifted forecasts for oil demand thanks to its increased use for power generation in Europe and the Middle East as gas becomes too expensive.

Amid the gloom there are some crumbs of comfort for consumers. US petrol prices have dipped below $4 a gallon for the first time since Russia’s invasion of Ukraine. The trend is also being replicated in Europe, reports our Energy Source newsletter: EU drivers are paying 9 per cent less than in June and British drivers 8 per cent.

-----


Earlier:

EUROPEAN  ENERGY APOCALYPSE
2022, August, 12, 08:50:00
RUSSIAN GAS FOR EUROPE DOWN
Russia’s natural gas exports by pipeline to the European Union (EU) and the United Kingdom (UK) declined by almost 40% during the first seven months of 2022 compared with the same period in 2021 and by almost 50% compared with the previous five-year (2017–21) average,
EUROPEAN  ENERGY APOCALYPSE
2022, August, 12, 08:45:00
EUROPEAN POWER PRICES UP
Benchmark German power for next year rose as much as 4.5% to a record 446 euros a megawatt-hour on the European Energy Exchange.
EUROPEAN  ENERGY APOCALYPSE
2022, August, 4, 10:40:00
EUROPE WILL PAY MORE
Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.
EUROPEAN  ENERGY APOCALYPSE
2022, August, 4, 10:30:00
EUROPE NEED OIL GAS INVESTMENT
TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.
EUROPEAN  ENERGY APOCALYPSE
2022, August, 2, 12:15:00
EUROPEAN GAS PRICES GROWTH
Russia has cut exports to Europe to multiyear lows this summer -- supplying less than a third of normal volumes -- and there’s no clarity on further moves.
EUROPEAN  ENERGY APOCALYPSE
2022, July, 14, 12:30:00
RUSSIAN, EUROPE SANCTIONS WITHOUT GAS
"What is definitely problematic is to include energy into the sanctions, because a rule must be observed that the sanctions must have a greater impact on Russia than on the countries imposing the sanctions."
EUROPEAN  ENERGY APOCALYPSE
2022, May, 19, 13:50:00
EUROPEAN ENERGY SUICIDE
Saying no to Russian energy means that Europe will systemically and for the long term become the world’s most costly region for energy resources.
All Publications »
Tags: EUROPE, RUSSIA, ENERGY, OIL, GAS, SANCTIONS
Chronicle:
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:14:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:13:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:12:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:11:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:10:00
NORWAY OIL, GAS PRODUCTION 1.998 MBD
Preliminary production figures for August 2022 show an average daily production of 1 998 000 barrels of oil, NGL and condensate.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:05:00
U.S. FEDERAL FUNDS RATE 3.00 - 3.25%
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate.
EUROPEAN  ENERGY APOCALYPSE
2022, September, 28, 12:04:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
All Publications »