The euro plunged to a new 20-year low and energy prices soared after Russia turned off the taps of one of the main sources of natural gas to Europe, increasing the prospect of rolling blackouts and factory closures on a continent starved for fuel.
The trigger for the latest gas price was Russia’s decision over the weekend to indefinitely suspend gas flows through the Nord Stream 1 pipeline, the main source of Russian gas to Germany. Kremlin-controlled Gazprom had signalled that it would reopen the pipeline after three days of maintenance. In a message posted on Telegram over the weekend, Russian president Dmitry Medvedev said that Germany was “acting as an enemy of Russia” and that European countries “have declared hybrid war against Russia.”
Opinion: The harbinger of the European recession to come: Family businesses shocked by unaffordable energy billsOn Saturday, an estimated 70,000 people flooded into Prague’s Wenceslas Square to demand that the ruling coalition, which had just survived a confidence vote, take action to bring down prices.
The EC, meanwhile, is considering a package gas price caps and a tax on excessive energy profits that would be applied throughout the 27-state European Union. These proposals, and other emergency interventions, such as an EU-wide credit line for struggling utilities, will be discussed Friday at a meeting of energy ministers.
And the LiberalHypocrisy says there is no business case. After they shut down any opportunity to build new resource extraction of any sort, including those required for the new “green” tech, preferring to source from China, raising global emissions instead of clean cdn product
Fire up those coal plant!
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