Economic Recovery in Europe Stumbled on Natural Gas Shortage

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(October 6, 2021) The energy crisis in Europe is intensifying, in part because the long and cold 2020-2021 winter depleted the volume of natural gas available in gas storage capacities.

  • The latest natural gas storage data from the Aggregated Gas Storage Inventory shows that only 75% of gas storage capacities were full as of October 4th, compared to an October average of over 90% for 2016-2020. 
  • The low level of gas reserves in Europe has already led to a six-fold increase in natural gas spot prices compared to the beginning of 2021. Wholesale electricity prices in Europe in 2021 are expected to more than double compared to the previous year.

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