LAST UPDATE: 21.09 The Russian state energy giant Gazprom announced that the Nord Stream 1 natural gas pipeline, which connects Russia to Germany, cannot restart as planned on Saturday, as a new technical problem was discovered, Bloomberg reported. It is a major blow to Europe, which is trying to fill its natural gas reserves ahead […]
Tag: energy crisis
Russia Prepares to Restore Natural Gas Flows – 15% Plunge in Prices
Moscow indicated it would restore gas flows to Europe via Germany’s critical Nord Stream pipeline, easing markets. In particular, as Bloomberg reports, shipment orders published by the pipeline operator suggest that Russian gas flows are expected to resume from 2 a.m. Berlin time on Saturday. The orders show the pipeline will be restored to 20% […]
BofA: Raises bar for growth in Greece and Eurozone this year on strong tourism
However, it downgraded its estimates for 2023 as it predicts that the Eurozone will enter a technical recession in the fourth quarter of 2022 and into the first quarter of 2023. Her Eleftherias Kourtalis Bank of America upgraded its estimates for growth in Greece and the Eurozone this year, due to strong tourism, while downgrading […]
Citi: The ‘winners’ and ‘losers’ of the European Energy solution – Greece in the worst position
her Eleftherias Kourtalis Greece, together with the Netherlands and Italy, are the countries that are most vulnerable – both on the fiscal front and on the energy front – and will benefit the least from EU support measures for the energy market, Citigroup estimates in today’s analysis. There are three main questions that have arisen […]
EU plan to intervene in energy markets – ‘There are limits’ to what it can achieve
An emergency intervention in European electricity markets may lower prices but will not protect the region’s economy from the knock-on effects of a historic energy crisis, according to the Commission. The European Union is working on measures to curb electricity costs as Russia cuts shipments of natural gas needed to power power plants weeks before […]
Despite the increase in spreads in the Ministry of Finance, they see a large reduction in debt
By Tasos Dasopoulos The estimate that inflation will jump this year to 8.5-9% on an annual basis does not only have the known negative consequences. If it is combined with the fact that growth will touch – if not exceed – 5%, it may result in a record reduction of debt at the end of […]
Pictet: Deep recession in the winter in the Eurozone with double-digit inflation – Triple the cost of energy
Her Eleftherias Kourtalis Pictet Wealth Management is revising its eurozone GDP forecast due to a further worsening of the energy shock and a deeper recession to hit in the winter. It now expects growth to slow from 2.9% in 2022 to 0% in 2023, while estimating that we have yet to see the peak in […]
Spain cuts VAT on natural gas to 5% from 21%
The Spanish government is reducing the value-added tax on natural gas to 5% from 21% from October in order to limit the impact of rising prices on household bills, Prime Minister Pedro Sanchez announced. “So that citizens’ heating bills are lower,” Sanchez said in an interview with a local radio station, according to Reuters. He […]
Over 1.1 billion euros benefit until 21/8 from the ‘ceiling’ in the compensations of electricity producers
More than 1.1 billion euros is the benefit of consumers from the application of the “ceiling” on the compensation prices of electricity producers, from the beginning of its application until August 21. Of this amount, according to the data available to the RES-MPE, the largest amount was contributed by PPC (419 million of which 189.5 […]
Motor Oil: Fuel market losses will be recovered by the end of the year
The assessment that the fuel market will this year recover all the losses suffered due to the crisis, which means that sales will be close to the level of 2019, expressed the deputy managing director of Motor Oil Petros Tzannetakis during the briefing of the analysts on the results semester of the group. “We are […]