- Title: Energy prices are soaring across Europe
- Date: 6th October 2021
- Summary: FESSENHEIM, FRANCE (FILE - FEBRUARY 21, 2020) (REUTERS) VARIOUS OF POWER LINES
- Embargoed: 20th October 2021 14:48
- Keywords: Energy prices Europe France Gas Petrol UK
- Location: VARIOUS LOCATIONS
- City: VARIOUS LOCATIONS
- Country: UK
- Topics: Commodities Markets,Europe,Economic Events
- Reuters ID: LVA004EY0VBK7
- Aspect Ratio: 16:9
- Story Text: Energy consumers in the European Union and the United Kingdom are facing record-high gas and electricity prices, as their markets continue to suffer from depleted energy stock.
Gas storage sites in the UK and EU are currently at 76% capacity, down from the seasonal average of 90%, according to Gas Infrastructure Europe.
The ongoing shortages are partly blamed on the sudden increase in energy demand around the world, as global economies recover from the COVID-19 pandemic.
In response to the increasing stock shortages, markets across Europe are attempting to limit the demand and conserve stocks by increasing the prices for consumers.
Fears of stock depletion are amplified by the fractured relationship between the end consumers, the UK and EU, and the energy source, Russia.
Russiaâ€™s gas giant Gazprom provides 35% of Europeâ€™s total supply, but Europe has claimed the company is not doing enough to ease the regionâ€™s shortages and price hikes.
Gazprom, however, insists that it is meeting its contractual commitments.
The rising prices are hitting consumers as the region heads into Winter, with the hope that the cost increase will reduce the risk of depleting stocks later in the season.
Europeâ€™s gas and electricity prices are likely to remain higher than average until their energy stocks improve.
(Production: Hedy Beloucif and Sophie Royle)
- Copyright Holder: FILE REUTERS (CAN SELL)
- Usage Terms/Restrictions: None