Natural gas prices in Europe have reached new records, in the context of the continuing decline in reserves of this major energy source, essential for the production of electricity on the continent.
This tremendous increase took place against the backdrop of rising demand for natural gas from traditional sources (Russia and Norway), with declining reserves in most of the 27 EU countries.
The decline in reserves has occurred, mainly, due to two factors.
The first concerns the recovery of the economies of European countries from the impact of the COVID-19 pandemic.
The second factor is due to the increase in energy consumption with the onset of winter in some European Union countries.
According to a report by the international news agency Bloomberg, natural gas reserves in Europe fell to their lowest level in about 10 years, during this period of the year, with indications of an even greater increase in prices.ATSH
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