October 6, 2022

Belgian PM Warns “Next 5-10 Winters Will Be Difficult” because Energy Crisis Worsens

Alexander De Croo might have spilled the beans about the duration of Europe’s energy crisis

Belgian Prime Minister Alexander De Croo might have spilled the beans about the length of Europe’s energy problems. He told reporters Mon,   “ the next five to 10 winters is going to be difficult. ”  

“ The development of the situation is  very difficult throughout Europe, ” De Croo told Belgium broadcaster VRT.  

“ In a number of sectors, this is  really difficult to deal with these high energy prices. We are monitoring this closely, but we have to be transparent: the  coming months will be hard , the  coming winters will be difficult , ” he said.  

The top minister’s comments suggest changing Russian natural gas imports can take years, exerting further  economic doom   on the region’s economic climate in the form of energy hyperinflation.

Europe faces a historic energy crisis exacerbated by Russia’s war in Ukraine (and Western sanctions that have backfired). The continent heavily relies on Russia because of its energy needs, importing about 40% of NatGas. At just 20% capacity with  risks of going to absolutely no next month , Russian supplies via Gazprom’s Nord Stream 1 have sent NatGas and power prices to record highs this week.  

European NatGas prices soared to a record high of 277 euros for each megawatt-hour on Monday, regarding 15 times the average summer price. Leon Izbicki, the commodity analyst at Energy Aspects Ltd., told Bloomberg if NS1 flows stop in September, prices could rise to 400 euros per megawatt-hour.  

Bloomberg’s commodities media reporter Javier Blas tweeted a map of day-ahead electrical power prices across Europe. This individual called the prices “ eye-watering, with lots of countries setting record highs for today. ”  

The shift from Russian NatGas supplies has backfired for the 19-nation eurozone. Australia, Europe’s largest economy, could be headed for a  recession   that will bring down the rest of the continent.  

De Croo said Belgium and the eurozone must “ support one another in these difficult times. ”

Europe’s darkish winter could be a yearly event throughout this decade when the prime minister is right. The widely optimistic idea that the bloc could replace just about all Russian Natgas imports this season was a farce, and now European households must pay exorbitantly high power costs, driving millions into  power poverty .  

Even though Germany admitted that it was a terrible mistake to be so dependent on cheap Ruskies energy — like a medication — how long does it consider for Berlin to go back in order to its dealer [Moscow] for resupplies and defect from the rest of European countries because it doesn’t want to freeze out to death this winter nor crash its economic climate.

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