People are feeling the squeeze of a natural gas crisis in Europe that's sent prices soaring. How Europe plans to get through the crunch this winter may depend on some luck with the weather.
AS A RESULT, GAS PRICES HAVE SOARED: The benchmark price in Europe is around 80 euros per megawatt hour, more than four times its level of 19 euros at the start of 2021 and up from as low as 4 euros in 2020. Prices have eased from as much as nine times their level at the start of last year. That price shock is feeding through to utility bills, alarming consumers and politicians.
“I wouldn’t say that LNG is 100% enough, but it will play a very important role” in Europe’s energy solution, said Xi Nan, head of liquid natural gas markets at Rystad. But she added a caveat: “Depending on how much Europe is willing to pay.”through its pipelines crossing Poland and Ukraine and hasn’t filled as much of its European storage as it normally does, though it appears to be fulfilling its long-term contracts.
IN THE SHORT TERM: European governments are offering cash subsidies to consumers to soften the blow. Sweden became the latest Wednesday by announcingLONGER TERM: The solution is more investment in renewables such as wind and solar.
IF ALL ELSE FAILS: EU legislation requires countries to help each other in the case of a gas shortfall. Governments can declare a gas emergency and shut off industrial customers to spare households, hurting the economy but sparing a humanitarian and political disaster.
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