The Business Insider website, citing a study conducted by Bank of America, reported that the gas crisis in Europe is growing and escalating, and winter storage of fuel and lubricants may soon become empty.
“Over the past month, the gas situation in Europe has quickly turned from bad to terrible,” the study says.
Analysts in the study claim that Russia is the largest energy supplier to Europe, exporting 40% of the gas consumed there. Due to the reduction in supplies from Russia, Western countries, in particular Germany and France, were forced to limit the use of gas in order to ensure gas supplies before the winter months.
Business Insider reported that some cities in Germany are turning off lights on historic monuments and buildings to save energy.
A study by an American bank showed that tensions between Russia and Europe could not but affect the energy market: gas prices reached 200 euros (204 dollars) per megawatt-hour.
The study states: “Currently, only 20% of Nord Stream’s energy is being used, which could result in gas reserves in underground reservoirs not being sufficient for the winter, and under these conditions, the European Union is already planning to impose wide restrictions on gas consumption.”
Source: TASS