Europe faces energy crisis as Russia's natural gas supply is slowed

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It’s time for ON-Point, where we speak to experts to delve deeper into some of the key issues in the spotlight right now.
Russia’s invasion of Ukraine has caused an energy crisis in Europe.
Russia has reduced or even cut supply of natural gas to certain countries in the region.
It has also announced a 3-day shutdown of its Nord Stream 1 pipeline next week for maintenance.

Now… all this has led to a surge in gas prices which also contributed to inflation.
And, with winter just around the corner, Europe’s dependency on natural gas from Russia will only increase.
To dig deeper into this issue, we have Paul J. Saunders, President of Energy Innovation Reform Project with us today.

Good evening!
1. First, let’s talk about dependency. We know that Europe is heavily dependent on Russia… some countries more than others and they are trying their best to reduce their reliance. How much of Europe’s gas needs are supplied by Russia right now and are they making progress in procuring alternative supplies?
2. Europe’s benchmark Dutch Gas futures surged more than 18.5% to 290 euros per megawatt-hour on Monday morning, local time. Has the continent ever seen the figure at this level?
3. The biggest concern amid this unprecedented energy snap is that the situation will get even worse.
As we near winter, what is the worst case scenario that we need to prepare for as temperatures drop?
4. Some say Russia is waging a “gas war” on Europe. What does Russia hope to achieve and can Europe withstand the pressure?
Thank you so much for being with us today, and hope to speak to you again soon.

#Russia #gas #supply

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2022-08-24, 08:00 (KST)