By Dimitris Gatsiou “We are making many moves at the level of the European Union”. The specific aversion of the prime minister, in a discussion he had with journalists on the sidelines of yesterday’s reception for the restoration of democracy at the Presidential Palace, reflects not only Athens’ clear “no” to the Commission’s proposal for […]
Tag: energy crisis
We don’t all live in the same Now
By Andreas Kluth What makes our current situation so alarming is an outbreak of “out of sync”. At least that’s what I recently heard Robert Habeck, Germany’s vice chancellor and economy minister, say at a conference of German industrialists. What a term, I thought. And what a difficult – and profound – concept. He is […]
Winter energy ‘sad’ will cost Europeans $200bn – or more
By Javier Blas It is a chain of energy dominoes that are falling in a wave – a chain in which each tile is worth many billions of euros. A bankrupt utility here, a country’s energy reserves there. When the dust settles, the total bill for bailing out the European energy market this winter will […]
IEA to Europe: Cut demand for natural gas immediately and drastically, otherwise… ‘electric shock’ in winter
Europe must drastically cut gas consumption in the coming months to prepare for what is likely to be “a long, hard winter,” the head of the International Energy Agency (IEA) said, as reported by Bloomberg. While the European Union has made some progress in diversifying its supplies from third-party suppliers, moving away from its main […]
Energy crisis: The debt of European energy companies jumps to 1.7 trillion. euro
European energy and utility companies are piling on more debt to cover soaring costs due to rising oil and gas prices, Bloomberg reports. Their total-cumulative debt, which has been expanding since the beginning of the coronavirus pandemic in 2020, has reached 1.7 trillion. euros – in an increase of more than 50% compared to the […]
In red, the suspense for the gas thriller
By Haris Fludopoulos Anxiety is mounting across Europe in the natural gas thriller as we approach the landmark date of July 21, when Russia’s intentions on whether or not to continue supplying Europe will be seen in action. Then, as is known, the maintenance deadline for the Nord Stream 1 pipeline expires and Russia will […]
In the red, the anxiety for the natural gas thriller
By Haris Fludopoulos Anxiety is mounting across Europe in the natural gas thriller as we approach the landmark date of July 21, when Russia’s intentions on whether or not to continue supplying Europe will be seen in action. Then, as is known, the maintenance deadline for the Nord Stream 1 pipeline expires and Russia will […]
Italy on a tightrope – 139% price increase for airline tickets
Another big price increase is recorded in Italy, according to the latest figures from consumer association Codacons. In more detail, compared to last year, the price of seed oil increased by 68.7%, butter by 28.1%, pasta and flour by 22.6% and tomatoes by 19.4%. According to Codacons, compared to 2021, the price of electricity in […]
Why the Commission is not afraid of stagnant inflation
By Tasos Dasopoulos Not in the scenarios that are spreading and want the energy crisis in Europe to develop into stagflation, says the Commission, arguing that the different structure of Europe’s economy leaves no room for a repetition of the consequences of the oil crises of the 70s and 80s. In a special chapter of […]
Russia’s energy war forces Germany to draw supplies from storage
German energy giant Uniper said on Friday it is being forced to draw natural gas from storage facilities, reducing supplies needed for the winter as Europe experiences a severe heat wave, CNBC notes. The utility told CNBC that reducing natural gas volumes from its own storage facilities was necessary “in order to supply our customers […]
