General > General Technical Chat
"Gas Armageddon": Energy/electricity prices in EU/UK (and how to deal with them)
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magic:
There exists a certain 800lb gorilla country in the EU which hasn't really been independent since 1945.

So the whole disruption of Europe's energy and heavy industry sectors while positioning themselves as sole authorized distributors of foreign fossil fuels, it may not entirely have been their own idea ;)

Other things may not have been their own idea too, but you won't get me to rant about it on this forum :-DD
tom66:
Despite Putin's hope that blackmailing Europe would work, the gas price continues to fall:
https://tradingeconomics.com/commodity/eu-natural-gas

A great deal of this is due to market intervention in the EU.

It is of course still well above the pre 2020 norm.
wraper:

--- Quote from: tom66 on September 12, 2022, 07:54:17 am ---Despite Putin's hope that blackmailing Europe would work, the gas price continues to fall:
https://tradingeconomics.com/commodity/eu-natural-gas

A great deal of this is due to market intervention in the EU.

It is of course still well above the pre 2020 norm.

--- End quote ---
like 10 to 30 times above. I wouldn't count on price drop either. Even with completely full reservoirs, with no supply EU would not last even half of the winter. Not to say price dropped to a level of what was a month ago. Which was already totally insane and highest ever except a short few day peak in March.
tom66:
It's about 8-10x above the 2020 norm.  I think around 4x is a manageable level (for consumers there will have to be a subsidy, for business they will just have to adapt).  Anything above that is going to require further economic support.
wraper:
Just so you understand what this price means. Last year it was about 7MWh of natural gas a month to heat my home in winter. At 190 EUR/MWh it's effing EUR 1330, and it's a wholesale price with no VAT, not what I get delivered. And in Latvia the vast majority of people earn below EUR 1000 after taxes. Median being about EUR 770 after taxes.
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