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Tag: natural gas

Italy’s industry lobby warns of ‘financial earthquake’ from energy prices

Italy’s industry lobby warns of ‘financial earthquake’ from energy prices Italy’s industry lobby warns of ‘financial earthquake’ from energy prices

Italy must respond to an “economic earthquake” from rising energy costs, the head of the country’s business lobby said on Thursday, adding that companies could not afford to wait for a new government to get more help. The head of Confindustria, Carlo Bonomi, called for a cap on the price of natural gas “if not […]

Fitch: Recession in the Eurozone from 2022 with the natural gas tap closed

Fitch: Recession in the Eurozone from 2022 with the natural gas tap closed Fitch: Recession in the Eurozone from 2022 with the natural gas tap closed

Recession in the eurozone has now become the most likely possibility against the backdrop of the intensifying natural gas crisis, Fitch Ratings estimates in its new report. In particular, as the rating agency reports, the complete cessation of Russian natural gas flows to the EU increasingly looks like the logical assumption for the elaboration of […]

Pictet: Deep recession in the winter in the Eurozone with double-digit inflation – Triple the cost of energy

Pictet: Deep recession in the winter in the Eurozone with double-digit inflation – Triple the cost of energy 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%

Spain cuts VAT on natural gas to 5% from 21% 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 […]

Reuters: It is not enough to store natural gas, consumption must also be reduced

Reuters: It is not enough to store natural gas, consumption must also be reduced Reuters: It is not enough to store natural gas, consumption must also be reduced

The European Union is on track to meet its gas storage targets, but analysts warn that the most important factor for energy security this winter will be whether countries can cut consumption enough to ensure that stored natural gas will last through the coldest months, Kate Abnett and Bozorgmehr Sharafedin note in a Reuters analysis. […]

Peskov: Moscow cannot meet gas delivery obligations due to Western sanctions

Peskov: Moscow cannot meet gas delivery obligations due to Western sanctions Peskov: Moscow cannot meet gas delivery obligations due to Western sanctions

Russia remains committed to its gas supply obligations, but is unable to fulfill them due to economic sanctions imposed on it by the West, Kremlin spokesman Dmitry Peskov said today, Interfax news agency reported. Earlier today, Russian energy giant Gazprom announced that it had suspended natural gas deliveries to Europe via the Nord Stream 1 […]

UBS: What options does the EU have to support the energy market – The best solution

UBS: What options does the EU have to support the energy market – The best solution UBS: What options does the EU have to support the energy market – The best solution

Her Eleftherias Kourtalis The options of the E.E. to support the energy market, UBS examines, concluding which solution would be the best for the region. On Monday, European Commission President Ursula von der Leyen said “the surge in electricity prices now exposes the limitations of the current electricity market design” and promised “urgent intervention and […]

France was prepared for the ‘pretext’ of Gazprom to stop the supply

France was prepared for the ‘pretext’ of Gazprom to stop the supply France was prepared for the ‘pretext’ of Gazprom to stop the supply

Gazprom is just using an excuse to stop supplying natural gas to French energy company Engie, France’s energy minister said today, adding that her country had foreseen the loss of supply. “As we expected, Russia is using gas as a weapon of war and is using the way Engie’s contracts are being implemented as a […]

Russia cuts natural gas again – Nord Stream shut down

Russia cuts natural gas again – Nord Stream shut down Russia cuts natural gas again – Nord Stream shut down

LAST UPDATE: 14.01 Russian energy giant Gazprom announced today that it has “completely” suspended gas deliveries to Europe via the Nord Stream 1 pipeline due to maintenance work expected to last three days. Work “on a gas compression station has started,” the Russian company said in a statement posted on Telegram. Meanwhile, the Dutch natural […]

Bloomberg: The challenges of the EU emergency plan for the energy crisis

Bloomberg: The challenges of the EU emergency plan for the energy crisis Bloomberg: The challenges of the EU emergency plan for the energy crisis

With the energy crisis deepening and winter approaching, the European Union plans to take emergency measures to deal with rising electricity costs hitting businesses and households. The goal of the Union, as reported by Bloomberg, is in the short term to limit prices and in the long term to change the way energy is priced […]