Heads of energy giants in France urge citizens to limit use of fuel, oil, electricity, and gas. European energy system has been under significant strain for months. Gas stocks across the continent are in a state of high alert, and rationing procedures have been implemented. Sunday, the heads of three energy companies in France urged the … Read more
Voestalpine has signed contracts to store three months’ worth of natural gas. Emergency legislation enacted earlier this year by the Austrian government grants firms permission to construct energy reserves. The steel and engineering company is already halfway to its goal of filling 1.5TWh of gas storage. Voestalpine, Austrian steel, and engineering company have reportedly signed … Read more
EU leaders are suspicious of US push for a price ceiling on oil. The idea aims to prevent the Kremlin from pocketing sky-high oil income. EU will reduce imports of Russian oil by 90% by the end of the year, says Ursula von der Leyen. As they prepared for a G7 discussion on the matter, EU … Read more
China’s energy market is primarily dependent on coal, and demand peaks during the summer months. A heatwave in the Yangzi River region has also increased electricity consumption. However, flooding in the south of the country has increased the availability of hydroelectric electricity. Thursday evening, China coal industry associations urged mining companies to ensure they can meet … Read more
Confidence in Germany’s Ifo index decreased by 0.7 points to 92,3 this month. Russia’s decision to cut off gas supplies to Europe’s largest economy affects business confidence. The German chemical industry is “very concerned” about the possibility of gas shortages. This month, German business confidence declined as concerns over the highest inflation rate in 40 … Read more
Ten EU nations have issued early warnings of a gas emergency after Russia restricted supplies. Germany declared a level two emergency, which could permit suppliers to pass on price increases to customers. Member states must fill their gas storage to 80 percent by November 1 or face rationing. According to the European Commission, ten EU … Read more
