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Natural Gas Wholesale Prices in Germany Are Up 20X Over Last Year.
Posted on 10/3/22 at 4:01 am
Posted on 10/3/22 at 4:01 am
Uniper is one of Europe's largest energy companies. It is German based. Uniper cultivated a long relationship with Russian suppliers dating back 50-yrs to the iron curtain days. They even set-up a Russian branch of the business, Unipro.
Incredibly, as with German leadership in general, Uniper had no concern Russia would ever use reduced NatGas supply as a weapon. There was zero preparation for that eventuality. There was no fall-back plan. How can people have their heads that far up their asses?
Anyway, two weeks ago Uniper went belly-up. Germany nationalized it for $8 Billion, the latest step in a $29 Billion bailout effort. LINK
Uniper CEO Klaus-Dieter Maubach discussed Europe’s deepening energy crisis earlier this month following Russia’s indefinite suspension of gas flows via the Nord Stream 1 pipeline. The 6 min interview was candid, occurred just prior to Uniper declaring insolvency, and is worth a watch. LINK
Keypoints:
• Maubach openly admits German Politicians and Uniper both made a litany of mistakes.
• Europe has no port capacity to import more Liquid Nat Gas. There is no supply redundancy. If there was, Germany/Europe would be able to manage the crisis without much of an issue. Building that infrastructure may take years.
• The worst is yet to come for Europe. NatGas WS prices are up 20-fold year-to-year.
... oh, and the obligatory pic of Germany's UN delegation laughing as President Trump predicted this fiasco.
Incredibly, as with German leadership in general, Uniper had no concern Russia would ever use reduced NatGas supply as a weapon. There was zero preparation for that eventuality. There was no fall-back plan. How can people have their heads that far up their asses?
Anyway, two weeks ago Uniper went belly-up. Germany nationalized it for $8 Billion, the latest step in a $29 Billion bailout effort. LINK
Uniper CEO Klaus-Dieter Maubach discussed Europe’s deepening energy crisis earlier this month following Russia’s indefinite suspension of gas flows via the Nord Stream 1 pipeline. The 6 min interview was candid, occurred just prior to Uniper declaring insolvency, and is worth a watch. LINK
Keypoints:
• Maubach openly admits German Politicians and Uniper both made a litany of mistakes.
• Europe has no port capacity to import more Liquid Nat Gas. There is no supply redundancy. If there was, Germany/Europe would be able to manage the crisis without much of an issue. Building that infrastructure may take years.
• The worst is yet to come for Europe. NatGas WS prices are up 20-fold year-to-year.
... oh, and the obligatory pic of Germany's UN delegation laughing as President Trump predicted this fiasco.
Posted on 10/3/22 at 4:23 am to NC_Tigah
How does sauerkraut fare in the freezer?
Cause them Jerry’s are going to be cold as shite this winter.
Cause them Jerry’s are going to be cold as shite this winter.
Posted on 10/3/22 at 4:51 am to NC_Tigah
We own 29 rental properties here with just over half gas heating. My tenants are about to feel the squeeze. I am currently renovating a house with oil heating and I have been getting people asking if it is oil and when it will be ready without advertising.The insanely stupid politicians here have made it hard for everyone and I feel a hard swing coming against the Greens and the SPD.
Posted on 10/3/22 at 5:38 am to NC_Tigah
I'd be fine with it going up another 200X.
Posted on 10/3/22 at 5:39 am to fjlee90
quote:
Cause them Jerry’s are going to be cold as shite this winter.
It’s going to be their best winter since 1944-45.
Posted on 10/3/22 at 6:48 am to TheFonz
They are going to be begging for more global warming before spring.
Posted on 10/3/22 at 8:17 am to NC_Tigah
And up over 40 times versus less than 2 years ago (prices had already started to move a year ago).
And Trump darn near begged them for LNG degassing plants and they laughed.
I keep saying the Germans are bragging that they are at 91% storage, their storage is a 10 weeks supply. Things are gonna get very very expensive.
And Europeans being Europeans, they are gonna start eating their young. Wait for them to literally start trying to steal from other countries, its coming. A german is always a german.
And Trump darn near begged them for LNG degassing plants and they laughed.
I keep saying the Germans are bragging that they are at 91% storage, their storage is a 10 weeks supply. Things are gonna get very very expensive.
And Europeans being Europeans, they are gonna start eating their young. Wait for them to literally start trying to steal from other countries, its coming. A german is always a german.
Posted on 10/3/22 at 8:18 am to NC_Tigah
I'm okay with this. This is what Germany wants.
Posted on 10/3/22 at 9:22 am to GumboPot
quote:
I'm okay with this. This is what Germany wants.
Politically, maybe. But there are plenty in Germany who don’t want this. I’m not going to break out the schadenfreude just yet.
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