Electricity prices in Europe have broken all record levels and gas futures prices have risen.
European governments are making efforts, through serious initiatives, to confront the repercussions of high prices, as France is trying to fully control its giant nuclear energy company, the French Electricity Company, and Germany is preparing to rescue energy companies that are suffering greatly as a result of high costs..
European countries are preparing reserves to rely on coal-fired power plants, in case gas supplies stop.
And if the flow of gas continues through the “Nord Stream 1” line, which operates at a capacity of 40 percent, as is the case now, analysts expect the quantities of gas in Germany to decline by January 2023, to decrease by about 10 to 20 percent of demand during the first half of the year..
At the forefront of Europe’s gas crisis, the European continent is facing a shortage of energy from aging French nuclear plants, which are operating at less than 50 percent of capacity this summer.