Bloomberg: Germany has 3 months to avoid a disaster due to the lack of gas
Bloomberg: Germany has 3 months to avoid a disaster due to the lack of gas –
Germany’s energy crisis is becoming more and more noticeable, and the German government has only three months left to prevent a catastrophe that could occur in winter due to gas shortages.
The German presidential palace in Berlin is no longer lit at night, hot water in bathrooms and gyms in Hanover has been turned off, and municipalities across the country are setting up heating shelters to keep people out of the cold.
“This is just the beginning of a crisis that will engulf Europe,” Bloomberg notes.
According to the agency, Germany has little time left to avoid an energy shortage this winter as Russia restricts natural gas supplies.
“With storage full 68% and replenishment rates likely to fall after last week’s pipeline shutdown, Germany risks missing the government’s 95% target by November 1. Reaching this level is almost possible without additional measures, the country’s network regulator says.
The article also accuses the administration of German Chancellor Olaf Schulz of being in no hurry to solve the problem of Germany’s weak energy, and efforts to ensure gas supplies.
“The challenges we face are enormous and affect important areas of the economy and society,” the agency quoted German Vice Chancellor and Economy Minister Robert Habeck as saying.
Benny Lake, an analyst at consultancy Wood Mackenzie Ltd, also warned that if Nord Stream flows remained at 20%, Germany would be in the “risk zone”.
She said a cold snap in Europe and Asia could force energy companies to scramble for limited supplies of LNG, and higher prices from such a scenario could prompt companies to halt production and wipe out about 17% of industrial fuel demand.
