Nord Stream 2

In other words, EU energy policy and stability depend on watching the weather forecasts at the end of the diary (we in Croatia would jokingly say that everything will depend on what Vakula says), which is unacceptable for a community of states aspiring to become a global geopolitical player. The EU, in addition to not having its own relevant military potential for such a thing, does not have energy stability ensured, so the question is where it is actually moving, given the evident disproportion of its ambitions and capabilities.

European electricity prices reached a new record this week, and one of the key reasons is the record prices of natural gas and its half-empty storage facilities before the start of the heating season. It started on October 11 last year in the EU.

Both the Western media, such as the American Bloomberg, and the Russian media are now focusing their interest on the Russian gas giant Gazprom, which meets by far the largest share of the EU’s total annual gas needs, about 35%. The situation is serious not only because of the reduction of own production capacities of natural gas in the EU, as well as in Norway and Great Britain, but also because of the current policy of energy transformation of the EU, that is. started the process of transition to renewable energy sources, ie. those without harmful emissions of CO2 into the atmosphere, as part of which Brussels renounces natural gas – which is, in fact, a crazy idea given that it is by far the cleanest, true fossil fuel, which, after all, as such can and already is further purifies. The United Kingdom has joined the EU’s energy policy in equal measure, which is now also “reaping the bitter fruits” of the gas crisis that has loomed over the island and threatens serious consequences, as we reported yesterday through an article in the Daily Express.

How insane this policy of Brussels and London is is shown by the fact that it cannot and will not have any concrete effect on air quality and the environment in Europe if the same policy is not accepted by the “rest of the world”, primarily the largest consumers of fossil fuels, India. USA, China and Russia. The latter three formally accept this, but by no means immediately and within the timeframe set by Brussels – a reduction in harmful emissions by 50 percent by 2030 and fully by 2050.

However, this is not the topic of today’s review of key energy developments in Europe, and in addition, we have already dealt with it in detail in our previous analytical presentations.

So, as we said, all media attention today is focused on Gazprom and the possibility of filling European gas storage facilities. However, that company will not be able to seriously increase exports to Europe even if the Nord Stream 2 gas pipeline is launched by the end of the year, because Russia is also actively preparing for the heating season. We would not go into the (geo) political reasons, as well as whether they exist at all on this issue, because we can only speculate. Of course, we have the right to think that they do exist, and that, in addition to the aforementioned insane policy of Brussels on energy, his insanely intensified anti-Russian policy in recent years, which is nothing more than “sawing the branch on which it sits” “

Wholesale electricity prices in Northwest Europe and Southern Scandinavia rose to 130 euros per megawatt this week. In Germany, the price of electricity for next year rose above 90 euros. The real alarm went off in the UK, where market prices jumped sharply to £ 225 / MW and the country was forced to restart two coal-fired power plants it had previously completely abandoned. Moreover, the government of Prime Minister Boris Johnson was forced to pay $ 6.85 thousand for MW of gas power plants to maintain energy balance for just 30 minutes. One of the reasons for the aforementioned rise in prices in the United Kingdom is the decline in wind farm production, but the main reason is still record gas prices.

Suffice it to say that yesterday at the British hub NBP gas was traded at a price of as much as $ 667 per thousand cubic meters, and at the Dutch TTF – about $ 650.