EU dread as gas prices are likely to skyrocket: ‘If it gets cold, we’re in major trouble.’
THE EUROPEAN UNION is worried about a gas price spike this winter, with one Italian official warning: “If it gets cold, we’re in trouble.”
Natural gas prices are expected to rise, causing alarm in countries across Europe. Meteorologists have predicted that the UK will experience more cold weather this winter, increasing demand for gas. This will make for a particularly difficult winter for families who are already struggling to pay their expenses, as experts predict gas shortages and market volatility. The EU is also worried about what might happen in winter, as member states prepare for their own gas shortages.
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The New York Times reported this week that rising natural gas costs have resulted in higher energy and electricity bills, with European customers already feeling the pinch.
For example, Spanish households are paying nearly 40% more for power than they were a year ago.
“The electricity price spike has produced a lot of resentment, and this is of course moving onto the streets,” Maria Campuzano of the Alliance Against Energy Poverty stated.”
Higher demand in the winter, according to Marco Alvera, CEO of Snam, a significant gas business in Milan, could cause problems in Italy.
“If it’s chilly, we’re in big trouble,” he continued.”
Ofgem recently gave utilities the go-ahead to raise the energy bill ceiling for millions of customers in the UK, citing record natural gas costs.
Standard rates can now increase by around 12%, reaching £1,277.
The UK is also experiencing a gasoline shortage due to a shortage of HGV drivers, which means that fuel cannot be supplied to gas stations at the rate required to meet demand.
Prominent European officials have been extremely clear in their diagnosis of the crisis in the United Kingdom, claiming that it is the effect of Brexit.
According to a Dutch labor union official, the EU is unlikely to send. “Brinkwire News Summary.”