Europe is set to get its first cold spell of the winter season, putting the continent’s already scant energy supplies under pressure
Temperatures are set to drop starting next week, with parts of Italy forecast to experience weather as much as 2°C below normal. Southern France, Spain and Germany are also forecast to be colder-than-usual, according to The Weather Company. Centrica , the UK’s top energy supplier, warned its 9-million customers to prepare for an icy blast that could last as long as six weeks.
“This is going to test the energy supplies across Europe,” said Tyler Roys, lead European forecaster at AccuWeather. Benchmark gas prices are still almost four times higher than normal for this time of year sending electricity and European emission permits surging. Dutch month-ahead gas futures, the benchmark for Europe, rose 1.4% this week after climbing 14% last week.
November temperatures on the whole could end up being close to normal, but may still be cooler than the above-average levels for the past four years, according to Accuweather data. That could also impact gas storage levels as companies withdraw supplies to meet higher demand, already roaring back as economies recover from the pandemic.
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