Benchmark gas rose as much as 21%, while German power surged to above 700 euros a megawatt-hour for the first time. Russia said it will stop itsgas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work. Europe has been on tenterhooks about shipments through the link for weeks, with flows resuming only at very low levels after it was shut for works last month.
Europe finds itself in a precarious situation with the official start of the winter heating season just over a month away. Nations are rushing to fill storage sites, but they are still heavily dependent on Russian gas and any further cutbacks could mean rationing becomes a reality. over the weekend. Further gas supply cuts could be coming, German Economy Minister Robert Habeck said, reiterated a call to conserve energy. “We have a very critical winter right in front of us,” he told public broadcaster ZDF in Montreal, during a visit to Canada with Chancellor Olaf Scholz. “We must expect Putin to further reduce gas.”On Friday, Gazprom said works are needed in the only functioning turbine that can pump gas into Nord Stream.
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Business Maverick: UK’s Sunak tells Truss to choose tax cuts or energy supportRishi Sunak has told Liz Truss, his rival and the front-runner in the race to be the next UK prime minister, she can’t deliver both support for struggling British households this winter and stick to her flagship policy of tax cuts. Oh yes she can!!!!
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