With energy prices going parabolic, multiple sources of gas supplies being cut off and the Ukraine War drags on with no end in sight, Europe is facing a long cold winter and a decade of sky-high energy pricing.
The Nord Stream I & II pipelines, which were previously critical to European Gas supply, were destroyed last week by sabotage. The Groningen field, the most prolific gas field in Europe owned by Exxon (NYSE:XOM) and Shell (NYSE:SHEL) is cutting production by 50%. Gas supplies to Italy, Moldova have been targeted by Russia for shut down this week and the largest pipeline supply of gas to Europe coming through Ukraine is also now toast, curtesy of Putin's war.
European natural gas and power prices are near record high levels. Electric prices in Germany and around the continent are now exceeding $1000 per megawatt, far exceeding the US's average of $154! Staggering increases are negatively impacting businesses and consumers. Many have no choice but to go without. After seeing geometric electric price increases, many businesses, such as the UK Pub industry, may soon be history.