The global energy crisis – how key countries are responding

Global energy markets are experiencing severe storms. After China and other major economies began to recover from the epidemic, energy demand arose. In Europe, during the cold winter, gas reserves were depleted, and long days of wind supply were still reduced. In the meantime, co2 Prices reached record levels. Russia, one of Europe’s largest suppliers, has been reluctant to increase its supply of space in the short term, although the Kremlin says it has recently begun to help.

Energy prices in Asia and Europe are moving in the same direction – upward. And the United States is watching anxiously.

China

A worker works in an electric power plant in Jiangsu Province, China.
A worker works in an electric power plant in Jiangsu Province, China. Photograph – Ali Song / Reuters

Faced with a massive power outage on Tuesday, it will allow coal-fired power plants to pass on the cost of electricity to some end-users. Allowing prices to be set in the market is expected to encourage the production of loss-generating generators. Local governments are encouraged to assist small and medium-sized companies and individual business owners to cover the increase in electricity.

Companies in the fiction industry have been told to limit consumption, residents have been forced to flee, and annual light shows have been canceled. Guangdong authorities have banned the use of elevators in office buildings upstairs or downstairs.

Authorities ordered more than 70 mines in Inner Mongolia this month to increase production of more than 100 tons of coal. And on September 29, China’s largest coal producer, Shanshi, promised to supply coal to 14 other regions across the country this summer to ensure sufficient energy.

As the shortage continues, Chinese leaders have indicated they are reconsidering the pace of the transition. On Saturday, Chinese Premier Li Keqiang said China should develop a timetable and roadmap for carbon emissions, China’s official Xinhua news agency reported. Lee was speaking at a meeting of the National Energy Committee in the presence of several high-ranking officials. He also said that China should build a modern energy system and improve “self-confidence” in power supply.

India

An employee holds coal in a basket in an industrial area of ​​Mumbai.
An employee holds coal in a basket in an industrial area of ​​Mumbai. Photograph – Shiites Andrade / Reuters

India, already at an unprecedented level of coal reserves in power plants, has already demanded that energy producers supply up to 10% of their coal demand in a move that could boost global prices. They are prohibited from selling electricity at an exchange of electricity to get inflation in cash.

He said India’s Ministry of Energy has led energy companies to increase supply to the capital, Delhi, and warned of possible power crisis.

At the state level, governments are deploying power cuts to reduce the use of electricity and reduce consumption. The break-up in Pun-Najab sparked protests for up to six hours.

Europe

Opponents of the rising electricity bill in front of the headquarters of the Spanish company Indesesa.
Opponents of the rising electricity bill in front of the headquarters of the Spanish company Indesesa. Photograph – Thiago Prudencio / Dax / Zuma / Rex / Shutterstock

European gas prices are on record, with wholesale electricity prices rising by 200% in the first nine months of this year. Britain, one of the worst hit by the North Sea supply and gas reserves, is considering lending to energy-related industries to help pay for energy.

The Spanish government has announced emergency measures to cover energy costs and the company’s profits, which have tripled since December. France and Italy have promised payments to help the poorest families.

EU executive checks whether EU member states are buying emergency gas supplies together. But countries are divided over the need for a joint purchase, and any program – to be discussed by EU leaders next week – could be voluntary.

Despite EU mixed reactions, France and Spain are leading calls for a free trade agreement. EU Energy Commissioner Kadri Simson expects gas prices to “gradually fall” from spring. Officials also hope that Russia will keep its promise to increase gas supply in the short term, which will further ease the pressure.

America

Pumping stations operate in Eddie County, New Mexico, near Loco Hills.
Pumping stations operate in Eddie County, New Mexico, near Loco Hills. Photograph – Paul Ratje / AFP / Getty Images

With the growing threat, the crisis could spill over into the United States this summer.

Gas prices in the United States have risen by 47% since early August, and oil prices are also rising. The Bank of America predicts an increase in demand because the cold-weather Brent crude could push more than $ 100 a barrel, a seven-year high.

Gasoline Prices Rise: Next Year’s Elections Mid-Year Election: Joe Biden’s Political Headache: Energy Secretary Jennifer Granholm

The rise in pump prices to $ 3.20 a gallon has recently prompted White House oil producers to increase production, a move that has angered climate activists.

Concerns about how the country will cope in the event of a sudden cold snap during the harvest season are growing at a relatively low gas demand. Experts, however, generally rely on gas storage capacity.

Leave a Comment