Energy
Germany Announces ‘Alert’ Level For Gas Emergency Plan
The German government announced an ‘alert level’ for its gas emergency plan in light of the decline in gas supplies from Russia.
In a statement issued today [June 23], the German Economy Ministry was quoted as saying: “The security of supply is currently guaranteed, but the situation is volatile.”
The plan includes three levels – and the ‘alert’ level is the second level in this plan. An ’emergency’ level is third in the plan.
The German Economy Minister, Robert Habeck, said: “The prices are already very high, and we must prepare now for further increases,” noting that this [the gas price inflation] will affect industrial production, which will be a heavy burden for many consumers.
He also accused Russian President Vladimir Putin of launching an “economic attack”.
According to the announced plan, there will be a disruption in gas supplies or an exceptional increase in gas demand associated with the warning level announced today. This will potentially lead to a significant deterioration in gas supplies – but the market is expected to overcome the disruption or increase in demand.
It is worth noting that Germany is now rushing to reduce its dependence on Russian energy as Moscow reduces gas supplies to Western countries in retaliation for sanctions imposed due to the conflict in Ukraine.
-
OER Magazines1 month ago
OER, September 2024
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, September 24
-
Uncategorized4 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Commodities1 month ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance1 month ago
Apple Pay Officially Launched in Oman
-
Oil & Gas4 weeks ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Investment1 month ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
Lifestyle1 month ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season