‘Just worry upon worry’: Europe faces a bleak winter as supply shock pushes factories to the brink
Summary
European factories face big problems this winter because energy prices, especially natural gas, have doubled recently. Low gas storage and conflicts like the one involving the US and Iran have made energy more expensive, threatening jobs and forcing companies to change how they operate.Key Facts
- Natural gas prices in the UK and EU doubled in two months, reaching a three-year high.
- Bridgnorth Aluminium in the UK pays about £1.1 million a month for gas and electricity, 18% of its total costs.
- Gas storage in Europe is at its lowest level in more than ten years, about 67% full instead of the usual 80%.
- The UK relies on importing 70% of its gas and has very little gas stored domestically.
- Conflicts in the Gulf, especially Iran's attacks on ships, have disrupted global energy supplies by blocking a key route for oil and gas.
- Some European countries like Germany and the Netherlands are below their gas storage targets for the winter.
- Industrial businesses worry about rising energy bills causing job losses or shutdowns, with forecasts predicting many manufacturing jobs may be lost in the coming years in the UK.
- Companies are considering measures like longer breaks or shifting maintenance schedules to reduce running costs during peak price times.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
