{"id":59500,"date":"2021-09-25T12:45:27","date_gmt":"2021-09-25T17:45:27","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59500"},"modified":"2021-09-25T12:45:27","modified_gmt":"2021-09-25T17:45:27","slug":"soaring-energy-prices-in-europe-are-forcing-u-k-factories-to-shut-down","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59500","title":{"rendered":"Soaring energy prices in Europe are forcing U.K. factories to shut down"},"content":{"rendered":"<header class=\"article-header\" aria-label=\"Beginning of Article\">\n<h3 id=\"articleTitle\" class=\"article-title\"><a href=\"https:\/\/financialpost.com\/commodities\/energy\/oil-gas\/europes-energy-crunch-is-forcing-u-k-factories-to-shut-down?utm_medium=Social&amp;utm_source=Facebook&amp;fbclid=IwAR1UVPO0vwGJ6S_VP9RSCk1PZCHPhbtBZuzVhn4Y6I3YR433isfjwR9Lhzk#Echobox=1631804454\">Soaring energy prices in Europe are forcing U.K. factories to shut down<\/a><\/h3>\n<p class=\"article-subtitle\"><strong>Europe is facing an extreme squeeze for energy supplies, with gas and power prices breaking records day after day<\/strong><\/p>\n<\/header>\n<section class=\"article-content__content-group\">Europe\u2019s energy crunch has forced a major fertilizer maker to shut down two U.K. plants, the first sign that a record rally in gas and power prices is threatening to slow the region\u2019s economic recovery.<\/section>\n<section class=\"article-content__content-group\">CF Industries Holdings Inc. said Wednesday it\u2019s halting operations at its Billingham and Ince manufacturing complexes due to high natural gas prices, with no estimate for when production will resume. European gas and power futures tumbled Thursday on signs energy-intensive industries are curbing consumption.The move comes as Europe is facing an extreme squeeze for energy supplies, with gas and power prices breaking records day after day. The continent is running out of time to refill storage facilities before the start of the winter as flows from top suppliers Russia and Norway remain limited. There\u2019s also a fight for shipments of liquefied natural gas, with Asia buying up cargoes to meet its own demand.<button id=\"toggle-video\" class=\"control-btn btn-toggle-visibility\" type=\"button\" aria-label=\"Minimize video\" aria-hidden=\"false\"><\/button><\/p>\n<p><span style=\"color: #222222;\">The crisis could have severe economic consequences. Soaring prices are exposing the risk of power outages this winter, according to Goldman Sachs Group Inc. Blackouts would likely send energy prices even higher, compounding concerns about inflation and adding to the rising costs businesses are already shouldering for raw materials.<\/span><\/p>\n<\/section>\n<section class=\"article-content__content-group\">CF has so far taken the most drastic move of companies operating in the region, but others are warning of the likely blow-back.High energy prices are creating \u201cinflationary pressure on every other cost\u201d that will end up being passed on to customers, said Pascal Leroy, senior vice-president of core ingredients at Roquette Freres SA, a food processing company based in northern France. And France\u2019s top sugar producer, Tereos, warned of surging natural gas prices raising production cost for the company \u201ctremendously.\u201d<\/p>\n<\/section>\n<section class=\"article-content__content-group\">\u2026click on the above link to read the rest of the article\u2026<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Soaring energy prices in Europe are forcing U.K. factories to shut down Europe is facing an extreme squeeze for energy supplies, with gas and power prices breaking records day after day Europe\u2019s energy crunch has forced a major fertilizer maker to shut down two U.K. plants, the first sign that a record rally in gas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[21424,281,4053,3237,11402,820,2080],"class_list":["post-59500","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-energy-price","tag-europe","tag-shortages","tag-supply-chains","tag-supply-shortages","tag-uk","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59500"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59500\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}