Northwest Europe is bracing itself for what is expected to be later this week the coldest snap so far this winter, hours ahead of the expiry of the deal for Russian gas transit via Ukraine to central Europe.
Temperatures in the UK, France, and Germany are expected to plunge at the end of this week, which would raise gas demand for heating and electricity generation.
This happens as Europe is burning through its natural gas in storage at the fastest pace in years.
As of December 28, the natural gas storage sites across the EU were full at 73.5% on average, according to the latest data from Gas Infrastructure Europe. The UK, which is no longer part of the EU, had its storage sites at 56.5% full.
The UK Met Office has yellow and amber alerts for snow, ice, and rain this week, and said on Sunday that “It will be an unsettled week ahead with a series of low pressure systems moving across the country.”
“These will bring the risk of heavy rain, strong winds and some snow,” the UK’s forecaster said.
In Germany, the national forecaster DWD has also put ice and frost warnings in place for the end of this week.
Temperatures in the big European capitals London, Berlin, and Paris are all expected to plummet below freezing and below the average for the past 30 years, according to weather forecasts cited by Bloomberg.
All these warnings come as the deal for Russian gas flows via Ukraine to Austria, the Czech Republic, and Slovakia expires on December 31.
Ukraine has so far refused to extend the gas transit deal and Russian President Vladimir Putin said last week that the chances of a new deal are low.
Tensions flared up as December 31 draws nearer—Slovakia threatened to suspend electricity deliveries to the Ukraine after the latter’s president Volodymyr Zelensky reiterated his decision to not extend the gas transit deal with Russia’s Gazprom.
By Charles Kennedy for Oilprice.com
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Publish date : 2024-12-30 07:30:00
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