Cooler Weather, Cooler Power? Europe at Risk of Blackouts
Goldman Sachs analysts are sounding the alarm: a sudden drop in temperatures could push Europe toward electricity blackouts in just a few months.
Why the Chill Could Light Up the Grid
Even though Europe’s gas reservoirs are currently overflowing, a colder winter means more gas gets burned for heating and industry—leaving storage tanks in a record‑low hole cooler than the 2018 dip.
Goldman stresses that gas isn’t just a heating hustle; it’s the fuel behind most power plants and a primary driver of electricity prices. A spike in gas costs can ripple throughout the economy.
Industrial Impact
- Chemical plants depend on gas for raw material production.
- Glass makers and metal smelters use it to chill the furnace.
- Cement factories light up with natural gas to keep their kilns from going cold.
Ukraine‑Wide Concerns: Gas Prices Go Nuts
Experts warn that any threat of a Russian invasion could send gas prices soaring. The UK, for instance, imports almost none from Russia—just 3% last year—yet it remains vulnerable to global price swings.
Where Europe Gets Its Gas
- North Sea & Norway supply more than half.
- Germany sources about 40% from Russia.
- Sweden and Finland import larger shares, with Norway being a main backup.
UK’s Safety Net
The Department for Business, Energy and Industrial Strategy reassures that the UK is not reliant on Russian gas. With most imports coming from reliable partners like Norway, and the Energy Price Cap shielding many consumers, the UK is better positioned to weather any market turbulence.
“We’ll keep listening to consumers and businesses on how to manage energy costs,” the department told Metro.co.uk.
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