Sugar Seeks to Get Ahead of Crisis than usual this year to try to avoid the worst of a winter energy crunch. Starting sooner should bring forward the end of the campaign, which typically wraps up during the coldest months — when energy supply is expected to be especially tight.
The main issue is the lack of viable alternatives to gas piped from Russia, as new LNG export capacity takes some three years to build. That means Europe faces a painful reset with consumers and businesses forced to rein in energy consumption.The EU is set to act to ease the crunch in energy markets caused by surging collateral requirements, according to a document published by the Commission.
“That is a problem that must be solved only through investments in new capacity, new supply,” said Meyer in an interview in Milan. “The diversion of cargoes has been very helpful in the short term, but in the long term, we need investment in export capacity.”Shares of European oil majors were little changed on news of the EU’s proposal, with BP Plc and Shell Plc down less than 1%.
EU proposals for a price cap of 200 euros per megawatt hour applies to revenues obtained by production of electricity from wind, solar and geothermal energy, hydropower, biomass, landfill gas, sewage treatment plan gas, biogas, nuclear, lignite and crude oilshale oil, according to a draft regulation seen by Bloomberg News.China is checking if there is enough natural gas in storage before winter, sparking concern that importers may be asked to buy more LNG, exacerbating the global shortage.
Finland’s Olkiluoto-3 nuclear unit will provide much-needed supplies to the Nordic nation’s taut power system when it reaches full capacity later this autumn, after imports from Russia were cut completely in May.The European Commission is seeking a deal to reduce power demand across the bloc by 10%, according to people familiar with the situation.
The company is supporting LNG regasification projects in Europe, which typically cost $500 million to $2 billion, he said.Europe’s gas storage could run empty this winter if demand cuts are not rolled out urgently, industry group Eurelectric warned. “Russia could deliver if it wanted to,” Scholz said Wednesday, according to the text of a speech to the lower house of parliament in Berlin. He said Gazprom PJSC simply needs to request a turbine for the Nord Stream 1 link that is in western Germany and ready for use after repairs.Europe’s largest economy is set for contraction on the back of soaring inflation, energy supply bottlenecks and the disruption to global supply chains, Deutsche Bank AG Chief Executive Officer Christian Sewing warned.