The American magazine is sounding the alarm for the coming winter due to the energy crisis
TIME magazine, in its online edition, talks about escalating the already deteriorating situation in Europe due to the energy crisis
The American magazine emphasizes that “the worst is yet to come” as Europe is far from being ready for the difficult winter.
In fact, he quotes the words of energy expert Llewelyn King who said that for Europe this winter will be the “worst since the end of the Second World War, from 1944 to 1945”.
For the rally in energy prices it summarizes that for natural gas, the cost per 1000 cubic meters in mid-August exceeded $3100, a 610% increase over the same period last year, as measured by the Dutch market TTF. He continues: “At this price, many power plants cannot afford to run for long. As a consequence of rising fuel input costs, benchmark electricity prices in Europe have risen by almost 300% in 2022, breaking records. Overall, energy prices are ten times higher than the five-year average.”
Especially for the scenario of a complete stoppage of natural gas supply from Russia, the publication states that the consequences will be enormous for Europe and tragic for the global economy. The IMF estimated in mid-July that for Hungary, Slovakia and the Czech Republic a complete cutoff from Russian gas could reduce GDP by up to 6%. Global economic growth would decline by 2.6% in 2022 and another 2% in 2023.
“Hope is high that the overall plan will work and chances are good that by the winter of 2023 Europe will be energy secure. The winter of 2022, however, is going to hurt,” the article concludes,
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