💡Vladimir Putin has his finger hovering over Europe’s light switch.
Kremlin critics, and now even the International Energy Agency, have accused Russia and state producer Gazprom of restricting supply to Europe, helping to fuel the surge in gas prices
telegraph.co.uk/business/2021/…
🇷🇺The Kremlin has added to these suspicions by offering a simple solution to the feared winter shortage:
➡️To approve the controversial Nord Stream 2 gas pipeline that will tighten Putin’s grip on European energy supply
The pipeline, which bypasses Ukraine and is vehemently opposed by the US, is finally ready to pump gas into Europe but is awaiting approval from German regulators.
🗣️“Get Nord Stream 2 operational or else: that’s in the end the signal they sent,” says Prof Andreas Goldthau
🌎“Typically over summer Gazprom pumps a lot of gas into Europe, not because it’s needed, but because they replenish gas storage facilities, which they have all over Europe.
“What has been happening over the summer is the Russians didn’t do that,” says Prof Goldthau
Whatever the Kremlin’s intentions, soaring gas prices ahead of the winter is threatening to add to building inflationary pressures and damage Europe’s post-Covid recovery, particularly in Germany and Spain
telegraph.co.uk/business/2021/…
📈The EU imports more than 40% of its natural gas from Russia amid warnings that it needs to diversify its energy supply.
The next largest supplier, Norway, holds far less clout, providing just 16%
telegraph.co.uk/business/2021/…
🇩🇪Germany is the biggest consumer of natural gas in Europe, accounting for a quarter of its energy needs.
📉However, gas storage in Europe’s biggest economy is just 62% full ahead of the winter when demand will pick up
telegraph.co.uk/business/2021/…
❌European governments are intervening to stave off a winter crisis that squeezes struggling families and ailing suppliers.
Spain signed off on emergency measures that will redirect €2.6bn of profits at energy firms to cap gas prices and provide help for consumers
📈Analysts are warning that another cold winter could keep prices high well into 2022, keeping up the pressure on inflation
telegraph.co.uk/business/2021/…
"Winter is coming and a cold chill is set to descend on households and governments across Europe," writes @tomelleryrees
Read the full story 👇
telegraph.co.uk/business/2021/…
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