Nov 22, 2021 1:06 PM

Chart of the Day: Euro energy policies drive up global heating costs

Posted Nov 22, 2021 1:06 PM

Gas money 

The price of natural gas in Europe, and across the world, has shot up in the last few weeks, as fear of a gas crisis grows. In some markets that has meant a doubling or even tripling of the price of natural gas over the course of the last few months. 
Much of Europe remains dependent on gas imports to heat their homes and generate electricity, but supply disruptions in Russia, Norway and other countries have failed to adequately replenish Europe's stores of gas, which are currently just over 70 percent full, which is not where you want them heading into the coldest months of the year. 
This time last year, and in 2019, they were almost completely full (95 percent). 
Double trouble 
The UK has had a particularly tough time. Roughly 25 percent of the UK's electricity comes from wind and the last few months just... haven't been that windy. That's meant extra demand for gas, which has exacerbated the supply issues further - and put four smaller energy providers on the brink of collapse


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