Business Maverick: The EU Is Getting Ready for a Prolonged Crisis: Energy Update

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 121 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 52%
  • Publisher: 84%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

The European Union is set to intervene in energy markets to take the pressure off companies that are being squeezed by a liquidity crunch. It will also propose a clawback on excess profits by power and oil companies as it seeks to protect citizens from ...

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.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 3. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Business Maverick: Macron Backs EU-Wide Windfall Tax on Energy Company ProfitsFrance backed a European Union-wide windfall tax on the profits of energy companies, becoming the latest country to support the extraordinary measure to rein in the effects of the power crisis. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met JamesAlderson0 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks JamesAlderson0 I never knew I would be what as I'm today so mush suffering, saw a post about your platform and I took a step to try if it's going to work, you changed my life financially, I just want to share your good work and let the world know how great you are JamesAlderson0
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: Truss earmarks £130-billion to keep UK energy bills below £2,000Incoming Prime Minister Liz Truss has drafted plans to fix annual electricity and gas bills for a typical UK household at or below the current level of £1,971 (R39,022).
La source: dailymaverick - 🏆 3. / 84 Lire la suite »