HomeIndustriesGermany Prepares for Russia Gas Halt

Germany Prepares for Russia Gas Halt

German chancellor Olaf Scholz stated on Saturday that Germany is preparing for the situation where Russia decided to halt its gas supply to Europe in its entirety following the backlash of the war in Ukraine. This comes as Europe prepares to weather the coming winter months.

According to Scholz, Germany has set up terminals on the north German coast to import liquid natural gas from other suppliers. He added that the country has been stockpiling gas in anticipation of a stoppage in Russian supply and that coal-fired power plants will be used to limit the effects of this supply drought. At the beginning of next year, Germany will have the opportunity to use its remaining southern nuclear power plants if necessary, the chancellor confirmed.

Not all parties are confident of Germany’s ability to overcome this challenge, however, with Germany’s Association of Towns and Municipalities expressing its doubts. Marcel Fratzscher, president of German think tank DIW, is also unconfident.

“Recession is unavoidable, we are already in a downturn,” Fratzscher stated, adding that he believes that the German economy will shrink in 2023 and potentially struggle to recover over the following year.

Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board

Improved results in the Q4 earnings report have allowed Salesforce to keep activist investor Elliott Management from pursuing changes on the company’s Board of...

First Citizens Bancshares Makes a Deal to Acquire Collapsed Silicon Valley Bank

The Federal Deposit Insurance Corporation (FDIC) has found a taker for the collapsed Silicon Valley Bank (SVB). On Monday, FDIC confirmed that North Carolina-based...

Banking Sector Stress Could Lead To Tighter Lending; ECB, Fed Officials Claim

Uncertainty across the banking sector is being closely monitored due to the potential for a credit crunch, a Federal Reserve official divulged on Monday....