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FX.co ★ Europe prepares for winter blackouts

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Forex Humor:::2022-09-28T12:45:51

Europe prepares for winter blackouts

Russia's cuts in natural gas supplies to Europe have unleashed an unprecedented energy crisis across the region. Against this background, the European authorities are working out a plan to head off looming energy shortages in winter. In an attempt to avoid serious problems following pipeline repairs and other force majeure events, Europe is not only replenishing its gas stocks but also preparing for power outages if necessary.

Europeans are well aware that they need to adapt to the new reality by curbing their electricity usage next winter. Some are already suffering from severe shortages. For instance, France’s grid operator has almost no capacity to ensure power supply. Thus, the company was forced to issue a "red" alert. “It’s already cut off some big industrial users and reduced voltage. The operator needs to take the drastic step of shutting down power in some places to avoid a total collapse of the system,” Bloomberg said.

The energy crisis in Europe worsens with each passing week. French firm Reseau de Transport d'Electricite has announced that it will probably have to cut consumption several times this winter to avoid rolling blackouts. Finland has also warned about possible outages.

“The reality is that there is not enough gas in Europe. If demand isn’t reduced, then businesses will be forced off the grid, and in an extreme scenario households could be forced off the grid,” Ed Birkett, head of energy and climate at London-based think tank Onward, noted.

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