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    'We live in a gas crisis': Germany raises state of alarm and reopens coal-fired power plants

    June 23, 2022 - CE Noticias Financieras


      Germany has raised the level of alarm about the supply of gas in the country to a second level (out of three), which involves reactivating some coal-fired power plants, according to the statement issued Thursday by the German Ministry of Economy.

      With this level of alarm and according to what is prescribed in the German "Gas Emergency Plan", quoted by Bloomberg, the situation is no longer seen only "as a considerable deterioration in supply chains", but rather as a phenomenon of "demand disruption or tightening of supply, even with assured supply.

      Read Also Germany will bolster coal use in the face of reduced Russian gas deliveries Level three is the highest and implies that "the existing gas supply chain is not sufficient to meet demand," and the state is therefore required to control the distribution of this raw material.

      "This is a rocky road, but we have to walk it as a country. Even if we don't feel it yet we are [experiencing] a gas crisis," stressed Robert Habeck, Minister of Economy in Chancellor Olaf Scholz's government.

      Read Also Netherlands lifts restrictions on coal-fired electricity production

      Berlin, which depends on Russia to secure a third of the country's gas supply, issued the first level of alarm in March when the Kremlin announced it would start forcing European companies to pay for Russian gas in rubles.

      Read Also Gazprom tightens gas tap further. Prices climb 17%

      Since then Germany's gas storage is almost half full (58%), compromising the government's goal of filling the tanks up to 90% by November for the winter. Currently, 15% of German electricity is generated from gas.

      In light of this news, natural gas prices in Europe on the Dutch TTF index, which is the "benchmark" for European markets, rise 1.7% to 129.30 euros per megawatt-hour (MWh).

      Read Also Germany keeps coal and oil-fired plants in reserve for possible gas shortages Since Russia's state-owned energy company reduced gas flows through Nord Stream to Europe by 60%, prices for this raw material on the Amsterdam market have appreciated by more than 50%.

      Read Also Read "Germany needs gas. If it also comes from the port of Sines, excellent," said Costa Germany eases rules to build LNG terminal in just 10 months "If the EU does not give in to Russia, it runs out of gas and Germany goes into recession. The dilemma is serious"


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