Energy crunch in Europe, What’s Next?

Europe – Europe is going through an energy crunch as electricity prices soar at record highs and fears are around that they may have to shut factories to ensure homes have gas for heat.

The European gas prices spiked by almost 500 percent the past year and are trading near record.

It really is an awkward situation. The United Kingdom (UK) is set to host COP26 – the global climate summit – next month, and the European Union (EU) is also thinking of putting its Green deal into action.

The energy crises in Europe and China are culminating in economic forecasts, supply chains, and beyond. China – the second-largest economy in the world – has been facing electricity shortages that are tottering factories, and Europe, for weeks, has been facing sky-high power and natural gas prices. In Europe, natural gas prices are dependent upon regional and global forces – making it a perfect storm that includes higher gas demand because of the cold winter and EU carbon permit policies, constrained Russian supply, and more – making supply chain problems even worse. Over ten semiconductor-related facilities have closed down temporarily. Multiple Apple suppliers have been affected.

Related Posts

Writing broadly, the shutdowns are happening at a time when global supply chains are facing problems. There is a “possible shortage of smartphones and other goods” prior to Christmas. High gas prices in Europe have cut the output of fertilizer and various other goods.

China, on the other hand, faces growing demand on its power-hungry factories as the global COVID recovery continues — enhancing the need for energy-intensive metals. Coal prices have surged, and regulators have not allowed power companies to raise their rates, so utilities are slow to boost operations. Pertinent to mention is the role that emissions are playing regarding official Chinese efforts to cut down on energy consumption. The crunch will get worse when temperatures drop.

EU Reporter

As vast is the European region, the more diverse are the developments and news that are to be known. I bring to table the news and political affairs from region to your screens.

Recent Posts

Home Hero Sinner Eyes Glory at ATP Finals in Turin

Current world no. 1, Jannik Sinner is also planning to play in the ATP Finals in Turin between the 10th… Read More

November 8, 2024

‘Brutal’ Year: Prince William Opens Up About Family’s Cancer Battles

USA Today reported that Prince William said that this past year was ‘probably the hardest’ of his life due to… Read More

November 8, 2024

UAE and WHO Unite to Evacuate Critically Injured Palestinians from Gaza

In a collaborative humanitarian mission with the World Health Organization the Gulf nation UAE evacuated 86 critically injured patients from… Read More

November 8, 2024

Power Cut to 70,000 Customers in Southern California Due to Wildfire Risk

Southern California Edison the main electric provider in the region intentionally cut power to nearly 70,000 customers overnight as a… Read More

November 7, 2024

Middle East Crisis: Escalating Conflict Claims 40 Lives in Lebanon as Israel Intensifies Strikes

As confirmed by the health ministry of Lebanon Israeli airstrikes have intensified across Lebanon. According to the ministry, at least… Read More

November 7, 2024

UAE, Australia Launch Historic Trade Partnership Talks

According to WAM, it is the first time that the United Arab Emirates and Australia have claimed that they have… Read More

November 7, 2024

This website uses cookies.

Read More