Europe’s Energy Crisis Not Over, May Get Worse, Says Energy Investment Banker
A cashier changes a 50 Euro banknote with US dollars at an exchange counter in Rome, Wednesday, July 13, 2022. Europe’s feeling the pain from the war in Ukraine.
InternationalIndiaAfricaHOUSTON (Sputnik) – Europe’s energy crisis is not over and may get worse, Guggenheim Securities Senior Managing Director Michael LaMotte said on Tuesday.”Europe may have got through this winter surprisingly well but I don’t think we’re out of the woods yet. It’s actually going to get worse before they get better,” LaMotte said in a panel discussion during CERAWeek in Houston.LaMotte mentioned that currently there is no functionality in the gas market because of infrastructure constraints, which may take years to solve.However, LaMotte said there is talk about doubling or even tripling Liquified Natural Gas (LNG) export capacity in the US.Russia is off limits to western resources of capital for now in light of the Ukraine conflict, LaMotte noted.
Energy Crisis in EuropeStruggling UK Households Spent £800 More on Gas in Past 12 Months Amid Energy Crisis, Study Shows21 February, 08:17 GMTAfter Russia began its special military operation in Ukraine, the West’s effort in limiting Russia’s gas&oil related incomes resulted in a $60 price-cap imposed by G7 member states and Australia on December 5.In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap.
