Britain faces a winter energy crisis after a massive gas explosion in Austria and the closure of the North Sea’s most important pipeline sent prices surging as demand for heat reached highs not seen in five years.
The deadly explosion that ripped through a processing plant on Austria’s main gas pipeline yesterday threatens gas supply to the whole of Western Europe. The Baumgarten facility is effectively the main entry point for Russian gas, which makes up a third of the continent’s overall supply.
Gas giant Gazprom Export said it was trying to redirect gas flows and secure uninterrupted supplies following the explosion, but this has done little to reassure suppliers, sending gas prices in Europe soaring.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Italy has already declared a state of emergency due to a lack of supplies, while in Britain, Europe’s biggest gas market, the price of gas for immediate delivery rose 35% to 92p per therm, its highest level for four years.
The effect of the explosion has been compounded by the discovery of a major crack in the North Sea’s most important oil and gas pipeline system, “creating a perfect storm of disruption to gas supply across Europe”, says The Daily Telegraph.
It is believed the 42-year-old Forties pipeline could remain shut until January, wiping out 40 million cubic metres of gas – or afrom the UK’s gas supplies every day, or a third of normal domestic production.
The disruption could not have come at a worst time, with Britain experiencing a cold snap which has seen temperatures plummet as low as -13C in some areas.
According to Thomson Reuters, the weather has driven gas demand in homes and businesses to their highest forecast levels since early 2013.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
-
Evergrande was just the beginning. China's property sector is in trouble.Talking Point It's not clear that Xi Jingping's government has the tools to fix the problem
-
Shouting down
Cartoons
-
Is Sen. Bob Menendez's refusal to resign intransigence or smart politics?
Today's Big Question The indicted New Jersey Democrat is standing firm amidst calls to step down
-
Inside Venezuela’s oil corruption scandal
feature Private planes and luxury cars seized as £17bn allegedly goes missing from state-run company
-
Why energy firms are sending in bailiffs during cost-of-living crisis
feature A Times investigation found that debt collectors had been force-fitting meters in people’s homes
-
The National Grid’s scheme to pay households to cut energy use
feature Arrangement promises discounts but some who took part said it was ‘not worth it’
-
Looming cold snap fuels fears of UK power cuts
Speed Read Drop in temperatures in coming days may be ‘first piece of grim jigsaw’
-
Warm banks: a worrying winter necessity?
Talking Point Campaigners warn heated public spaces are not a sustainable solution to cost-of-living crisis
-
The Week Unwrapped: Synthetic fuel, Myanmar and an energy rebate
podcast Could fuels made from CO2 and hydrogen end our dependence on oil? What’s happening in Myanmar? And will energy companies pay us to use less power?
-
Reader favourites
Speed Read A selection of short but sweet features from across The Week magazine
-
The Week Unwrapped: DNA theft, an energy puzzle and news refuseniks
podcast Should we take steps to guard our genetic security? Is wind power overpriced? And why are so many of us turning off the news
