The shutdown of Russia’s Nord Stream 1 pipeline is propelling Europe towards a near certain gas shortfall this winter. Quick action is required for the continent to learn to live with less gas, writes LJucca
Register now for FREE unlimited access to Reuters.comCompanies will also have to cut demand. The European Commission reckons some 15 bcm could be saved by switching to other energy sources or using gas more efficiently. However, governments could encourage more savings by offering financial compensation to firms that voluntarily curtail gas usage. That would save another 20 bcm.
History shows that savings measures can be implemented quickly in case of shocks. Japan, whose power capacity was hit by the Fukushima nuclear disaster in 2011, cut its electricity consumption by 12% for industry and 10% among households through a mix of society mobilisation and compulsory measures.uses gas for more than 40%
of its power generation against 26% and 16% in Germany and France respectively. And at 9%, energy’s share of production costs is also higher in Italy than its EU industrial rivals. Yet Rome only cut gas consumption by 2% in the first half of the year, against 15% in Germany. Quick action is required for Europe to learn to live with less gas.The Nord Stream 1 pipeline, a major gas supply route to Germany, will be kept shut indefinitely after Russian operator Gazprom said on Sept.
European gas prices, as measured by the benchmark Dutch TTF October gas contract, rose by as much as 30% on Sept. 5, amid growing fears of a total shutdown of Russian pipeline imports ahead of the European winter.Editing by Neil Unmack and Streisand Neto
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