13-07-2022, 07:23 AM
Germany, France, and Italy, who have committed to end their support for overseas fossil fuel projects, have now stated that investment in this sector is necessary as a temporary response to the current crisis.
The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%, they wrote.
Short summary of responses from other countries:
Austria, which gets around 80% of its gas from Russia, has activated the first step of a three-stage emergency plan, and is examining measures to diversify gas supply and will convert a gas-fired power plant to generate electricity from coal.
Bulgaria, which meets over 90% of its gas needs from Russia, has agreed to purchase US liquefied natural gas (LNG) and has stepped up talks with Azerbaijan to increase gas deliveries.
The Czech Republic has said it has replaced a reduction in gas deliveries from Russia’s Gazprom with volumes from other sources.
Denmark’s energy agency said it has activated the first step of a three-stage emergency gas supply plan, urging consumers and companies to reduce consumption.
Greece has announced that it will ramp up coal mining in the next two years as a temporary measure.
The Netherlands will activate the early warning phase of its energy crisis plan and lift a cap on coal-plant production.
https://impakter.com/germany-france-and-...-more-oil/
The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%, they wrote.
Short summary of responses from other countries:
Austria, which gets around 80% of its gas from Russia, has activated the first step of a three-stage emergency plan, and is examining measures to diversify gas supply and will convert a gas-fired power plant to generate electricity from coal.
Bulgaria, which meets over 90% of its gas needs from Russia, has agreed to purchase US liquefied natural gas (LNG) and has stepped up talks with Azerbaijan to increase gas deliveries.
The Czech Republic has said it has replaced a reduction in gas deliveries from Russia’s Gazprom with volumes from other sources.
Denmark’s energy agency said it has activated the first step of a three-stage emergency gas supply plan, urging consumers and companies to reduce consumption.
Greece has announced that it will ramp up coal mining in the next two years as a temporary measure.
The Netherlands will activate the early warning phase of its energy crisis plan and lift a cap on coal-plant production.
https://impakter.com/germany-france-and-...-more-oil/
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