Ann: 2021 21 EMN appoints Dr. Matthew James as CEO Dec. 20 2021, page-11

Europe – Western Europe faces energy shortages as cold weather looms

• A combination of nuclear outages in France, low wind speeds and soaring gas prices are to be met by sub-zero temperatures across Europe this week.
• European gas prices are already up 600% this year. (Bloomberg)
• Power for delivery prices in France hit their highest levels since 2009.
• German prices at their third highest on record.
• Gas storage sites average 60%, record low for December, and Russia has suggested inflows via the Yamal-Europe pipeline may remain capped.
• Soaring electricity costs are expected to fuel inflationary pressures whilst also limiting metal smelter and refining capacity.