Energy Crisis: Europe, which suffered from the worst energy crisis in years due to the ongoing war between Ukraine and Russia, which crippled the western nations by cutting off the gas supply, now has much more gas than it can use.
The storage facilities in Europe are now almost filled before the cold winters kicked in, and the citizens resorted to heating systems as the winters have been so far, warm, and the successful cargo bidding has eased the subsistence crisis in the European countries.
The gas prices also exhibited a sharp decline, reaching less than a third of their summer peak prices. However, by no means this implies that Europe can easily pass through the winters; a lot depends upon the weather, as the cold waves could easily deplete the high-seeming stockpiles.
The government has also been concerned about the probability of additional attacks being inflicted on the energy assets, causing a complete transition in the market. Though, the continent can be called to be in a better position now than it had been a few months back.
The disruptions at Nord Stream 1 had cut down the flow of gas from Russia to Europe, and damage has been sustained in the recent explosions as well. Since the weather so far has been mild, the demand for the energy resource hasn’t upsurged yet, but the authorities still have a lurking probability of increased consumption as the temperature drops in the coming days.
Although the prices of gas have been higher than the current rates since June, lowering the consumption still remains a necessity to combat the uncertainties about the supply of gas throughout the winter.
