German chemicals giant stockpiles coal to keep producing

, which had been due to shut down by December 31, will continue operating until mid-April 2023.

You are seeing a snapshot of an interactive graphic. This is most likely due to being offline or JavaScript being disabled in your browser. The coal plant had been due to be replaced by a new gas-fired power station. Fortuitously, given the current concerns over natural gas supplies, that plant had also been equipped to burn other sources of fuel, including liquefied petroleum gas or LPG — a byproduct from refining crude oil. Using a pipeline connected to a nearby refinery owned by BP, Evonik has been able to pipe in LPG to help power the plant and reduce the amount of gas needed.

“Evonik has done a good job of cutting natural gas consumption,” says Sebastian Bray, chemicals analyst at Berenberg in London. “The company’s earnings have generally proven resilient. However, higher working capital requirements resulting from elevated energy and raw materials prices may make cash coverage of dividends in 2022 difficult.”

Martin Brudermüller, BASF chief executive, said the European gas crisis, coupled with stricter industry regulations in the EU, was forcing the company to cut costs in the region “as quickly as possible and also permanently”. The cuts were necessary to “safeguard our medium- and long-term competitiveness in Germany and Europe,” he added.Brudermüller is not alone in warning that the energy crisis will have a potentially devastating economic impact on Europe.

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