{"id":63361,"date":"2022-08-24T06:45:31","date_gmt":"2022-08-24T11:45:31","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63361"},"modified":"2022-08-24T06:45:31","modified_gmt":"2022-08-24T11:45:31","slug":"belgian-pm-warns-next-5-10-winters-will-be-difficult-as-energy-crisis-worsens","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63361","title":{"rendered":"Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens"},"content":{"rendered":"
\n

Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens<\/a><\/h3>\n<\/header>\n
\n
\n

Belgian Prime Minister Alexander De Croo might have spilled the beans about the duration of Europe’s energy crisis. He told reporters Monday,\u00a0“the next 5 to 10 winters will be difficult.”\u00a0<\/strong><\/p>\n

“The development of the situation is\u00a0very difficult throughout Europe<\/strong>,” De Croo told Belgium broadcaster VRT.<\/p>\n

“In a number of sectors, it is\u00a0really difficult to deal with those high energy prices<\/strong>. We are monitoring this closely, but we must be transparent: the\u00a0coming months will be difficult<\/u><\/strong>, the\u00a0coming winters will be difficult<\/strong><\/u>,” he said.\u00a0<\/em><\/p><\/blockquote>\n

The prime minister’s comments suggest replacing Russian natural gas imports could take years, exerting further\u00a0economic doom<\/a>\u00a0on the region’s economy in the form of energy hyperinflation.<\/p>\n

Europe faces a historic energy crisis exacerbated by Russia’s war in Ukraine (and Western sanctions that have backfired). The continent heavily relies on Russia for its energy needs, importing about 40% of NatGas. At just 20% capacity with\u00a0risks of going to zero next month<\/a>, Russian supplies via Gazprom’s Nord Stream 1 have sent NatGas and power prices to record highs this week.<\/p>\n

European NatGas prices soared to a record high of 277 euros per megawatt-hour on Monday, about 15 times the average summertime price. Leon Izbicki, a commodity analyst at Energy Aspects Ltd., told Bloomberg if NS1 flows come to a halt in September, prices could rise to 400 euros per megawatt-hour.<\/p>\n

\"\"<\/picture><\/a><\/p>\n

Bloomberg’s commodities reporter Javier Blas tweeted a map of day-ahead electricity prices across Europe. He called the prices “eye-watering, with lots of countries setting record highs for today.”<\/p>\n