Empty gas stocks, windless days, disrupted supply lines, CO2 certificates, soaring inflation, blackouts, bitter cold and other forebode a winter of discontent across Europe.
Recently Bloomberg reported on how Europe was on the path to a severe energy crisis this winter, with risks of blackouts.
Dutch TTF #gas priced in #crudeoil equivalent now trading at $148/barrels 😱. If not arrested soon it will be surging diesel prices next, thereby supporting the middle barrel, and oil prices in general. #OOTT #ONGT pic.twitter.com/QP9aERpho9
— Ole S Hansen (@Ole_S_Hansen) September 15, 2021
Germany’s N-TV also reports a dire picture, writing “Europe’s gas storage facilities are largely empty, and supplies are not flowing as they should.
Already surging energy prices are forcing the first companies to close factories in Europe, and German companies like BASF and copper producer Aurubis are complaining about extremely high prices for energy sources.
U.S. investment bank Goldman Sachs is warning of “almost empty gas storage facilities” and that “Europe faces an acute energy crisis.” Utilities across Europe have already announced massive price hikes.
Another problem, according to N-TV: Companies are struggling to get supplies of raw materials and semi-finished goods. “Inflation in Germany has already climbed to its highest level in almost 30 years.” Prices for raw plastic, for example have skyrocketed since late last year.
Tripled prices
The price of gas in Amsterdam has already more than tripled since the beginning of the year. The reason, according to N-TV, are interrupted supplies from Russia, and production from Europe’s North Sea gas fields “has also been curtailed”! Also “CO2 tax and oil price drive up fuel prices,” reports N-TV.
Phaseout of coal, nuclear worsening the problem
Adding to the European energy supply woes: “Europe has recently experienced an unusual wind lull”, which has forced Germany to ramp up its coal (lignite) fired power generation, which, according to N-TV, “is in the process of being phased out.” The price of burning coal is also more expensive, thanks to the now higher price of CO2 emission certificates.
Chalk it up to stupid rich people who shower boons on corrupt politicians hoping to protect their stupid investments.
Meanwhile back at the ranch, er , The Times :
https://www.thetimes.co.uk/article/peter-brookes-times-cartoon-september-29-2021-gzh7n6zsv
BoJo is on the case!
For once the Telegraph got it right – COP26 could be a High Noon indeed!
Strange coincidence: I’ve just started re-reading WHEN WILL THE LIGHTS GO OUT? by Derek Birkett in which he points out the inevitable consequences of relying on wind with gas backup rather than more reliable coal-fired and nuclear sources.
Published in 2010.
His predictions have proved far more accurate than anything from the IPCC.
Now is the time for individuals and agencies to be making lists of those that are going to need help as the cold sets in.
Who, where, how to contact. Then what is the plan?
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Graeme No 3.
An excellent book. Great pity that our rulers did not read it and understand it.
Perhaps if it had been written in ancient Greek it would have had more impact.
Russia has dumped billions and billions into Nordstream2 despite intense US sabotage of the project. The EU poodles hardly raised a word of protest.
So now all that’s left is the paperwork and the gas gets turned on full blast. Simple as that.
[…] Link: https://notrickszone.com/2021/09/29/and-its-not-even-winter-europes-energy-supply-debacle-already-he… […]
is up to $320 equivalent oil price now
[…] Link: https://notrickszone.com/2021/09/29/and-its-not-even-winter-europes-energy-supply-debacle-already-he… […]
[…] Link: https://notrickszone.com/2021/09/29/and-its-not-even-winter-europes-energy-supply-debacle-already-he… […]