Europe Braces for Another Damaging Energy Crisis
Europe's natural gas reserves are at dangerously low levels, and refilling them is becoming increasingly difficult as the US-led conflict in Ukraine drives up prices.
Europe is staring down the barrel of another energy crisis, with the region's natural gas stores running at their lowest levels in years and the task of refilling them becoming increasingly daunting as the ongoing Ukraine conflict and resulting global tensions push up prices.
The looming crisis underscores just how vulnerable Europe remains to energy shocks, despite efforts to wean itself off Russian gas and diversify its supplies in the wake of Moscow's invasion of Ukraine. With winter fast approaching, governments across the continent are scrambling to find ways to keep the lights on and homes heated as the energy crunch tightens its grip.
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Europe's underground natural gas storage facilities are currently less than 80% full, compared to around 90% at this time of year historically, according to data from Gas Infrastructure Europe. Filling them up is becoming an increasingly daunting task as the conflict in Ukraine and resulting geopolitical tensions push up global energy prices.
Source: The New York Times
