Europe predicted large-scale power outages

Europe predicted large-scale power outages

Trafigura CEO Weir: gas shortage could lead to power outages in Europe

Gas shortages in Europe could lead to massive power outages in the region, says Jeremy Weir, head of one of the world’s largest commodity traders, Trafigura.

“To be honest, we do not have enough gas now. We do not make reserves for the winter period, so there is a real concern. If the winter is cold, large-scale power outages may appear in Europe,” the British newspaper The Telegraph quotes Weir as saying.

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Gas is critical to the energy supply of Europe, in particular Britain: more than 22 million households are connected to the gas network, in 2020 38% of the gas purchased in the country was used for domestic heating, 29% for electricity generation and 11% for industrial and commercial needs.

British energy companies are already experiencing difficulties amid soaring global gas prices, some of them have announced that they cannot fulfill their obligations to consumers.

Earlier on Tuesday, gas prices in Europe for the first time since the end of October broke through the mark of $ 1,100 per thousand cubic meters. Fuel prices began to rise sharply after the news that the German regulator had suspended the certification of Nord Stream 2 AG as an independent operator of the Nord Stream 2 pipeline.

Source: BBC