• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Tesla to Lay Off Over 10% of Global Workforce

Tesla to Lay Off Over 10% of Global Workforce

Tesla is laying off over…

U.S. Drilling Activity Continues to Drop Off

U.S. Drilling Activity Continues to Drop Off

The total number of active…

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Baghdad is repairing the Kirkuk-Ceyhan…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Belgium PM: “Next 5-10 Winters Will Be Difficult” As Energy Crisis Persists

  • Europe’s historic energy crisis, exacerbated by Russia’s war, is continuing to take a toll on the region’s economy. 
  • Belgian Prime Minister Alexander De Croo is warning that “the next 5 to 10 winters will be difficult” as a result of the ongoing crisis.
  • Europe's dark winter could be a yearly occurrence throughout this decade if the prime minister is right.
Winter Energy Crisis

Belgian Prime Minister Alexander De Croo might have spilled the beans about the duration of Europe's energy crisis. He told reporters Monday, "the next 5 to 10 winters will be difficult."  "The development of the situation is very difficult throughout Europe," De Croo told Belgium broadcaster VRT. 

"In a number of sectors, it is really difficult to deal with those high energy prices. We are monitoring this closely, but we must be transparent: the coming months will be difficult, the coming winters will be difficult," he said. 

The prime minister's comments suggest replacing Russian natural gas imports could take years, exerting further economic doom on the region's economy 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 for its energy needs, importing about 40% of NatGas. At just 20% capacity with risks of going to zero 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 per megawatt-hour on Monday, about 15 times the average summertime price. Leon Izbicki, a commodity analyst at Energy Aspects Ltd., told Bloomberg if NS1 flows come to a halt in September, prices could rise to 400 euros per megawatt-hour. 

Bloomberg's commodities reporter Javier Blas tweeted a map of day-ahead electricity prices across Europe. He 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. Germany, Europe's largest economy, could be headed for a recession that will bring down the rest of the continent. 

Related: Russia Considers Deeper Oil Discounts To Counter U.S. Price Cap Push

De Croo said Belgium and the eurozone must "support each other in these difficult times."

Europe's dark winter could be a yearly occurrence throughout this decade if the prime minister is right. The widely optimistic idea that the bloc could replace all Russian Natgas imports this year was a farce, and now European households must pay exorbitantly high power costs, forcing millions into energy poverty

Even though Germany admitted that it was a terrible mistake to become so dependent on cheap Russian energy -- like a drug -- how long does it take for Berlin to go back to its dealer [Moscow] for resupplies and defect from the rest of Europe because it doesn't want to freeze to death this winter nor crash its economy.

ADVERTISEMENT

By Zerohedge.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Kris Poole on August 24 2022 said:
    These so called leaders of EU, and it's members are just disgrace and embarrassment to the people of Europe, and the whole world. They should never be in a position of power. There should be a simple litmus test for anyone to become a leader there, i.e. if you could NOT manage the lemonade stand in your youth you should not lead the country. I am positive, that with this simple test, we would have cleared the potential leadership candidates field to a very narrow group.

    What do these leaders really think, that people will give them a pass and wait "5-10 winters"?

    If this coming winter is harsh, I think people will rise up, revolt and remove those guilty parties from position of power and any decision making in the future. If there was a corruption and malice taking place in there, they must be prosecuted to the full extent of the law with very harsh consequences. Because of the lack of these consequences in their decision making, we got into the situation, where they can do anything and instead of being thrown out of work, or out of office, they get rewarded, or moved to a different and lots of time even better position. Therefore there is no accountability, no remorse of wrong doing, they just move on. Sometime we even pay them by giving them a severance pay for their screw up. How can they loose? They can't, and this is the reason, why we have a situation like it is now. Enough!!!

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News