Europe races to prepare for energy crunch this winter

Spanish Industry Minister Reyes Marotto said it was an option if energy-intensive companies were forced to close during peak consumption this winter of. The companies will be financially compensated, she said in an interview with Spanish news agency Europa Press, adding that there is no need for forced closures now. National grid operator Fingrid has warned Finns that they should prepare for a blackout. Finnish electricity retailer Karhu Voima Oy reflects on the devastation caused across the continent, saying it has filed for bankruptcy due to a surge in electricity prices. ‘Go back in time’

Meanwhile, Ukraine blames Russian troops for the Mykolaiv region in southern Ukraine Shelling near the Pivdennoukrainsk nuclear power plant. because its power is that Russia, driven out of Kharkov, has repeatedly fired on power plants, water infrastructure and other civilian targets, Ukraine said it was retaliation for defeat on the ground. Moscow denies deliberately targeting civilians. European gas storage is now .6% full, close to German stock %, data from European gas infrastructure show. “Stocks will continue to build further, supported by the completion of planned maintenance work this week and increased traffic in Norway,” Energi Danmark of analysts said in a morning note. Meanwhile, European thermal coal imports were

could be the highest level in at least four years, analysts said. European thermal coal imports could rise to around this year) million tons, since Highest since , according to Noble Resources International Pte Ltd, while commodity pricing agency Argus expects shipments to hit their highest level in four years. “Europe is going back in time,” Noble research director Rodrigo Echeverri said at a conference. Oil prices fell more than 1% on Monday, The dollar strengthened ahead of expectations of weaker global demand and a potential sharp rate hike, but supply concerns capped losses.

Oil is also under pressure from weaker demand forecasts, such as the International Energy Agency last week forecasting zero demand growth in the fourth quarter .