Oct 18, 2022
Surging electricity prices threaten industrial heartlands and Carbon, coal futures
for the region also hit all-time highs
For three decades, nuclear energy was one of Germany's most divisive debates. In an exceedingly worsening energy crisis in Europe, Germany is right in the middle of an ideal storm as Russia cuts off supplies, nations scramble to ration fossil fuel, and plans for a brand new pipeline project loom. European power prices have climbed to fresh records, placing more pressure on industrial production and consumers battling a cost-of-living crisis. Europe is in crisis mode. Global Climate change, increasing demand for energy, the war in Ukraine, and Russia's subsequent throttling of oil and gas deliveries have pushed the continent into a new era.
Germany was once a frontrunner in solar energy, enjoying a massive share of the world's total solar capacities for several years. As Russia is tightening the taps, using coal to make sure reliable power this winter and atomic energy is getting a reevaluating thought as many on the continent wrangle over whether to sacrifice their sacred cows.
The country has now taken numerous measures to tackle the challenge while softening the blow to its economy and citizens. Russia's energy cut-offs have now facilitated an extension. Germany has leased four floating storage and regasification units (FSRUs) to quickly start importing liquefied fossil fuel (LNG) directly and replace Russian volumes. The country also inked to accommodate gas hubs to retain two terminals stocked through the winter prior to any more future potential cuts. Enposs is pleased with Germany for not giving up on renewables and dealing with renewable projects in tackling the energy crisis