European natural gas and power prices surged after Germany triggered the “ alarm stage” of its NatGas-emergency plan amid cutbacks in supplies from Russian federation, according to Reuters .
German Economy Ressortchef (umgangssprachlich) Robert Habeck said Europe’s largest economy is in the severe energy crisis. He warned Germany should get ready for further cuts in Ruskies NatGas flows after Moscow recently slashed deliveries via the Nord Stream pipeline.
“ We have to not fool ourselves: The cut in gas items is an economic attack on us by Putin, ” Habeck said.
“ It is obviously Putin’s strategy to create insecurity, drive up costs and divide us as being a society. This is what we are combating against, ” he continued.
Habeck wasn’t clear if NatGas rationing would be prevented.
The second “ alarm stage” of a three-stage crisis plan allows utility companies to pass on higher energy prices to industry and households to curb need. The move comes as the Nord Stream pipeline to Germany operates at 40% of capacity after flows last week were reduced for the “ technical issue ” by Russian gas exporter Gazprom PJSC.
The 2nd stage also increases power market monitoring and enables some coal-fired vegetation to be reactivated to increase electricity output.
All of this comes as Germany is making a mad dash to fill up its NatGas storage facilities ahead of winter. Total storage stands around 58% full, though the government-mandated target of 90% by November, a tag that might be hard to reach taking into consideration Nord Stream flows are already reduced.
Front-month benchmark futures flower as much as 6. 5% to 135 euros a megawatt-hour on Germany’s elevated gasoline alarm.
German power for next year also surged 4. 5% to 256 euros a megawatt-hour.
The energy crisis within Europe is far from over and has spread well outside of Germany’s borders and affects 12 EU member declares, ten of which have already cautioned about NatGas supplies.
Frans Timmermans, the European Union’s climate chief, told European Parliament this week that a “ risk of a full fuel disruption is now more real than ever before … all this is usually part of strategy to undermine our unity. ”
“ Europe should be ready in case Russian gas is totally cut off, ” IEA head Fatih Birol informed FT this week.
Habeck also warned Europe’s energy crisis could spark contagion within energy markets, drawing a parallel to the Lehman Brothers collapse and how this resulted in the financial crisis of 2008.
Us citizens are being intentionally deprived of food and energy as part of the Globalist Great Reset.