How Germany — Europe's biggest economy — became so dependent on Russian natural gas that it faces a 'virtually unavoidable recession' if it cuts off supply
And even if Germany could immediately buy LNG off the global markets, it would be expensive. Even before the Ukraine war, LNG prices were increasing rapidly due to a resurgence in demand as the pandemic ebbed — spot prices were 435% higher on-year in 2021 in Asia, the key market for the fuel, according to a report from consulting firm
LNG contracts are also typically long-term contracts spanning decades, so major suppliers like Qatar and Australia would already have committed much of their future supplies to the traditional markets like Japan, South Korea, and China.Economy minister Robert Habeck said on February 24 that Germany would be creating a strategic reserve of coal for energy security, news outlet reported.
"We have maneuvered ourselves into an ever-greater dependency on fossil energy imports from Russia in the last 20 years," Habeck said, per said in a March 25 press release.to deal with disruptions to its natural-gas supply after Putin's threat to cut off energy supply if payment isn't made in rubles.
Germany is now in the"early warning phase" of its energy emergency plan, with Berlin calling for all energy consumers — both industry and households — to save energy and reduce consumption.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Natural Gas Futures: Probable correction near termConsidering preliminary readings from CME Group for natural gas futures markets, open interest extended the uptrend for yet another session on Wednesd
Read more »
Fate of CPS’ last coal plant in sightEnd of San Antonio’s last coal-fired power plant in sight; CPS likely to rely more on natural gas
Read more »
Energy expert says Dems aren't wrong to blame Russia: 'Oil companies are bad in war and peace'Six oil company executives are set to testify today on Capitol Hill about skyrocketing gas prices amid a political messaging battle over pain at the pump.
Read more »
Bergdorf Goodman moves away from natural gas with decarbonization technologyNew York department store Bergdorf Goodman is transitioning to renewable energy with an environmentally friendly makeover.
Read more »
U.S. natural gas prices just hit a 13-year high. Blame coal, say analystsNatural-gas futures settled Thursday at their highest price since December 2008, with a rise in coal prices, tight supplies and global worries about energy...
Read more »
Price volatility and rising demand revive U.S. natural gas tradingNatural gas trading is seeing a renaissance in the United States with the return of price volatility, while market turmoil in Europe could keep gas demand and exports high for years, according to trading industry executives.
Read more »