Can Europe avoid the end of the energy bill?

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Governments across Europe continue to look for ways to wean off Russian electricity so that household energy bills do not increase significantly in the coming months.

The latest push comes from the backing of German Chancellor Olaf Scholtz new gas pipeline Connect Spain and Portugal to Central Europe through France.The proposal received support today Madrid and Lisbonaccording to Spain’s energy and environment minister Teresa Ribera, could be ready within nine months.

Meanwhile, according to Portuguese Prime Minister António Costa, the port of Sines on the country’s southwest coast could be used as a hub for LNG shipments to Europe.LNG becomes increasingly important as Russian gas dwindles, but Europe faces Fierce competition from Asia Lock in winter supplies.

The EU has identified the lack of alternative pipelines as a major obstacle to strengthening the EU’s energy infrastructure. Berlin is already under severe pressure after Russia cut off traffic to Europe’s key connector Nord Stream 1, which is currently running at just 20% capacity. German households are bracing for a surge in heating bills this winter as shortages push up prices and complicate the country’s efforts to fill its natural gas storage facilities.

From price caps to tax cuts, windfall taxes and subsidies, a range of government measures to combat soaring energy prices are being implemented across Europe.

Low rainfall also complicates matters. Norway Said this week that it will limit power exports to Europe if water levels at its hydro plants remain low, denting hopes it can save its neighbors. And in Germany, Low water level on the Rhine Fears are fueling business: Inland waterways may only account for around 6% of German traffic, but are used to transport 30% of coal, crude oil and natural gas.

In the UK, forecast home energy bill Continue to upgrade, boost deepening cost of living crisisThe latest news from consultancy Auxilione suggests that with the sharp rise in wholesale gas prices, the average price could exceed £5,000 next year.

Ministers are meeting power company executive Discuss possible remedies while formulating crackdowns blackout threat this winter.On the positive side, the common front against Russia’s energy crunch has improved unstable relationship between the UK and the EU.

This International Monetary Fund European countries were suggested last week to pass on increased energy costs to consumers in a bid to encourage energy conservation and a switch to greener energy sources, albeit targeted to help poor households disproportionately affected by the rising costs.

Meanwhile, the International Energy Agency says Western sanctions have “limited impact” on the US Russian oil production. Although exports to Europe, the US, Japan and South Korea have declined, the country’s losses have been mitigated by routes to countries such as India, China and Turkey.

With natural gas becoming too expensive, the IEA also raised its forecast for oil demand due to its increased use for power generation in Europe and the Middle East.

In the haze, consumers have some comfort.U.S. gasoline prices have fallen below $4 a gallon This is the first time since Russia invaded Ukraine.According to our report, this trend is also being replicated in Europe energy source Newsletter: EU drivers’ wages 9% lower than in June, UK drivers 8% lower.

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Need to Know: Economics

new U.K. GDP data This morning shows the economy Shrink by 0.1% After growing 0.7% in the first three months of the year, health output in the second quarter was driven by spending cuts by households, a drop in coronavirus cases and sluggish testing. The country also reported its widest trade deficit since records began.

Latest UK and European

drought Parts of England are officially announced as the UK experiences its driest summer in 50 years, with rainfall, river flows, soil moisture, groundwater and reservoir levels well below normal.

industrial production Euro zone grows for third straight month, raising hopes for euro zone supply chain issues may be easing. The year-on-year increase in June was 2.4%, well above the 0.8% forecast by economists.

This German economy, especially its industrial sector, which has been hit hard by soaring inflation, supply chain problems and weak global demand.Growth stagnated in traditional European powerhouses with IMF help Downgrades 2023 forecast. On top of that, severe drought along the route Rhine constitute a huge Threat to business.

The latest in the world

Fed officials Mary Daly It’s too early to tell the FT Fighting inflation ‘declared victory’ Although Wednesday’s CPI report was encouraging. However, she did voice support for the Fed to slow the pace of rate hikes.

ColombiaThe first leftist government in modern times targets the rich and the nation’s commodity exports major tax reform. The measures aim to raise another $5.8 billion next year, or 1.7 percent of GDP.

Argentina raise interest rates to 69.5% Inflation jumped 7.4% in July from the previous month, for an annual rate of 71%.

Need to Know: Business

the person in charge minimum wageChina’s largest chipmaker says geopolitical tensions create panic In an industry already plagued by high inflation and gradually declining demand.

US West CoastEdit Richard Waters Says data use is becoming a top priority for regulators Antitrust Issues. FTC Chair Lina Khan emphasizes the need for more aggressive action against vertical integration — transactions that combine companies from different parts of the value chain, such as an Amazon acquisition i am a robot.

Pandemic-related migration to Florida Making Miami the New Prosperous City corporate lawyer.

Beijing’s zero-virus policy and weak consumer confidence hit China’s second-hand market Luxury such as high-end Watches and Bags.

A high-end industry that never falters – unless you like the way it’s served – is Scotch. This spirit has proven surprisingly resilient, given headwinds such as trade rule changes, supply chain issues and soaring inflation brought on by Brexit.The number of Scottish distilleries is Second World War.

is progressing steadily self-driving carinnovation editor John Thornhill wrote, but the lack of public acceptance and legal certainty could still prove the industry’s biggest obstacle.

Automakers also face challenges as they move toward an electric future.China has monopoly supply material Battery And the cost of those remaining in the market is skyrocketing.Chinese company CATL today announced a project 7.3 billion euro battery factory In Hungary, its position as the world’s largest manufacturer of automotive batteries was confirmed.

Chart showing the geographic distribution of the global EV battery supply chain

scientific summary

North Korea Announce”beat Covid-19, the total death toll was just 74, just three months after the virus outbreak was first acknowledged. Experts are skeptical given the lack of mass testing, while some believe it may have more to do with a desire to resume trade with China.

This Omicron Variants continue to wreak havoc in parts of the world. tibet citys locked down after suffering its first Covid outbreak in two years.The lockdown has also affected popular Chinese tourist destinations such as Hainan.

But there are also optimistic Hongkongthis week reduced hotel quarantines for international travelers to three days.

This EU medicines regulator say yes Waiting for test data Before the approval of vaccines designed to deal with the original coronavirus and Omicron variants. The decision contrasts sharply with the United States, which is planning to approve the vaccines before efficacy data are released.

Biological Technology and Pfizer Clinical trials of a vaccine against the disease are beginning BA.4 and BA.5 variants Omicron’s. BioNTech reported lower-than-expected sales and earnings in the second quarter after the European Union renegotiated its Covid vaccine contracts amid a vaccine glut.Pfizer is also testing a vaccine Lyme disease.

Novax Also noted that demand for jabs falls with 2022 cuts revenue forecast. People in rich countries are increasingly reluctant to repeat booster shots, while vaccine hesitancy remains a factor in poor countries.

Health authorities are increasingly concerned about monkeypox. Vaccines are in short supply everywhere Europeand in the UK can run out this month.

Another potential danger is poliovirushas been detected in London sewage, prompting the launch of a Vaccine booster For kids from one to nine years old in town.

Covid cases and vaccinations

Total global cases: 581.2 million

Total dose: 12.4 billion

Get the latest global images with our Vaccine Tracker

Some good news…

columnist Sarah O’Connor Pick out some exciting nuggets from some new official stats. Britons are spending more time socializing, relaxing and fitness and less time commuting than before the pandemic. May it continue.

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