Europe has dodged an energy apocalypse this winter, economists and officials say, thanks to unusually warm weather and efforts to find other sources of natural gas after Russia cut off most of its supply to the continent.
Countries have lined up expensive supplies of liquefied natural gas—which comes by ship, instead of pipeline—from the US and Qatar. Germany leased five floating import terminals for LNG for almost 10 billion euros, the first of which arrived in November. Some relief has come from government support. In Germany, Europe’s largest economy, the government passed gas and electric price caps allowing small businesses and consumers to buy 80% of their energy at last year’s price.
“My worry is that it’s not sustainable,” said Agata Loskot-Strachota, senior fellow at the Center for Eastern Studies in Warsaw. “And the other thing is differences between member states regarding the level of state financing that can be granted in longer terms. And these differences may fuel political differences in Europe.”Europe’s success in filling storage means Putin has lost much of his energy leverage over Europe, analysts and politicians say.
A European ban on most Russian oil starting December 5 did not create a sudden surge in global oil prices and neither did a price cap from the Group of Seven leading democracies on Russian crude to other countries. The $60-per-barrel price cap is enforced by banning insurers—mostly based in Europe or the UK—from handling Russian oil sold above the cap.
Source: News Formal (newsformal.com)
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