Europe braces for coldest winter yet

Date:

Gas reserves under pressure

Temperatures across Europe are forecast to drop sharply by the end of the week.

London, Paris, and Berlin are expected to see average temperatures below freezing on Friday and Saturday, according to data from the International Meteorological Service. These temperatures will be around 6 degrees Celsius lower than the normal average of the past 30 years. The UK Met Office predicts some snow in the coming days, along with extreme winds and rain.

Germany’s meteorological service, DWD, has also issued warnings for frost and ice across the country.

This cold snap, the chilliest period so far this winter, is likely to drive up heating demand, drawing on natural gas reserves that have fallen below 75%. Withdrawals from reserves have already been faster than usual this year. Combined with the looming expiry of the Ukraine-Russia gas transit agreement, this has pushed European natural gas prices close to the high levels seen earlier this month.

The potential loss of Russian gas flows could make Europe more reliant on liquefied natural gas (LNG) imports from the US. However, colder weather in the US is also driving up domestic demand, adding further strain to global gas supplies.

Also read: British exit from Cyprus? Potential lease of bases to the US

Source: newmoney.gr

Share post:

Popular

More like this
Related

The first night of the EOKA struggle (1955)

“The night of 31st March to 1st April 1955...

ON THIS DAY: The Eiffel tower is officially inaugurated (1889)

On 31 March 1889, the Eiffel Tower, one of...

Marine Le Pen barred from running for office after conviction

The sentence was delivered after the French far-right icon...

Fourth arrest over assault on Pafiakos volleyball players

Four individuals have been arrested in connection with the...