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Gas price explosion shakes Europe
The recent rapid increases in natural gas prices are alarming European governments and industry shortly before winter. Among other things, the economic recovery after the Corona crisis, emptied storage facilities after the last comparatively cold winter and speculation about reluctant deliveries from Russia have pushed the price to a record high. Propane Rheingas managing director Hubert Peters. “Currently we tend to have a very high demand worldwide with a relatively low supply. Here, in particular, the current very high hunger for energy in Asia is driving up prices. Both crude oil and natural gas are very expensive.” Many consumers face considerable additional costs in the heating season that has just started. And it doesn’t look much better with electricity either. Energy expert at the German Institute for Economic Research Claudia Kemfert: “Yes, the best answer to such geopolitical fossil energy conflicts is the energy transition with more renewable energies. We must do everything to ensure that the share of renewable energies increases faster than before and also helps more, to save energy, especially in the building or industrial sector and get away from fossil natural gas, but also other fossil energies. ” After all, according to President Vladimir Putin, Russia now wants to deliver more gas to Europe. However, Russia’s export options may be limited, explains Bank of America. The company’s own storage facilities in Russia are still being filled and production is already as high as it was last almost ten years ago.
In autumn and winter, prices usually rise due to the heating season and the increased power consumption for lighting. However, other factors are currently being added.