Energy crisis is anchoring several other crises, says Indian petroleum minister Hardeep Singh Puri while speaking exclusively to WION at World Economic Forum in Davos.

World Economic Forum Davos: Indian petroleum minister Hardeep Singh Puri speaks to WION

Ukraine said Russia had stopped gas supply through a key hub amid fears of an energy crisis in Europe.

Kremlin however asserted that it is committed to its "contractual obligations" even as it said it was impossible to transport gas through the crossing point of Sokhranivka&nbsp;and the border compressor station Novopskov&nbsp;since it was located in "occupied territories".

<a href="https://www.wionews.com/world/ukraine-pushing-back-russians-from-kharkiv-zelensky-478089">Also Read |&nbsp;Ukraine pushing back Russians from Kharkiv: Zelensky</a>

Reports claim gas flow to Europe fell on Wednesday as Ukraine stopped use of transit route due to what it called Russian interference.

The move has fuelled fears of gas prices skyrocketing even as Germany said it was "closely" monitoring the situation. Ukraine pipeliner operator GTSOU informed that Gazprom had "turned off the tap" as reports claimed no gas was flowing through Sokhranivka.

Watch:&nbsp;Putin unlikely to use nuclear weapons unless he feels an 'existential threat'

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Germany is likely to face the brunt of the gas shortage. The pipeline runs through the Czech Republic and Slovakia and into Germany via Waidhaus in Bavaria. Germany depends overwhelmingly on Russian gas accounting for 55 per cent of its imports.

The German government claimed it has enough gas stocks with significantly higher than in the spring of last year.

(With inputs from Agencies)

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Ukraine said Russia had stopped gas supply through a key hub amid fears of an energy crisis in Europe. Kremlin however asserted that it is committed to its "contractual obligations" even as it said it was impossible to transport gas through the crossing point of Sokhranivka and the border compressor station Novopskov since it was located in "occupied territories".

Ukraine said Russia had stopped gas supply through a key hub amid fears of an energy crisis in Europe. Kremlin however asserted that it is committed to its "contractual obligations" even as it said it was impossible to transport gas through the crossing point of Sokhranivka and the border compressor station Novopskov since it was located in "occupied territories". Also Read | Ukraine pushing back Russians from Kharkiv: Zelensky Reports claim gas flow to Europe fell on Wednesday as Ukraine stopped use of transit route due to what it called Russian interference. The move has fuelled fears of gas prices skyrocketing even as Germany said it was "closely" monitoring the situation. Ukraine pipeliner operator GTSOU informed that Gazprom had "turned off the tap" as reports claimed no gas was flowing through Sokhranivka. Watch: Putin unlikely to use nuclear weapons unless he feels an 'existential threat' Germany is likely to face the brunt of the gas shortage. The pipeline runs through the Czech Republic and Slovakia and into Germany via Waidhaus in Bavaria. Germany depends overwhelmingly on Russian gas accounting for 55 per cent of its imports. The German government claimed it has enough gas stocks with significantly higher than in the spring of last year. (With inputs from Agencies) WATCH WION LIVE HERE

Russia has turned off gas supply in transit points, says Ukraine

In February 2018, the Narendra Modi-led government launched a new bovine-centric scheme aimed at fulfilling India’s twin objectives—increase the income of farmers and provide clean energy.

GOBAR-DHAN—an amalgamation of two words gobar (cow dung) and dhan (wealth)— was launched as an extension to India’s cleanliness campaign, Swachh Bharat Mission, focussing on keeping villages clean, providing a clear revenue stream for rural households, and generation of energy from cattle waste.

The Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN) scheme seeks to augment the income of farmers by converting biodegradable waste into compressed biogas (CBG) and aims at attracting entrepreneurs for establishing community-based CBG plants in rural areas.

India’s Hindu community has long venerated the cows. Rural households have for years used sun-dried cow dungs as a fuel to heat stoves, despite government efforts to phase it out with subsidised gas cylinders.

But now, after four years since the launch, Indian farmers are finally reaping the benefits of continuing with their age-old practice.

According to AFP, villages on the outskirts of the central Indian city of Indore are being handsomely rewarded for handing over their mounds of cattle waste in a pilot project to help meet the city's power needs.

A 46-year-old farmer said that he has sold nearly a dozen truckloads of fresh manure at $235 per shipment —more than the monthly income of the average Indian farming household.

Also read |<a href="https://www.wionews.com/india-news/indian-prime-minister-narendra-modi-appeals-to-farmers-to-adopt-natural-farming-439330">&nbsp;Indian Prime Minister Narendra Modi appeals to farmers to adopt natural farming</a>

"We have a very good quality dung, and we keep the dung clean to ensure it fetches the best price," AFP quoted Suresh Sisodia as saying.

Under the project, cattle dung, along with household waste, is sent to the plant to produce flammable methane gas and an organic residue that can be used as fertiliser.

Even though the intake capacity of the plant is limited for the time being, officials are working to increase the plant’s capacity to make through 500 tonnes of waste, including at least 25 tonnes of bovine waste, each day —enough to power the city's public transit system, with plenty left over.

"One half will run Indore buses and the other half will be sold to industrial clients," plant boss Nitesh Kumar Tripathi told AFP.

Watch |&nbsp;Gravitas: Would you use a toothpaste made of cow dung &amp; urine?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-would-you-use-a-toothpaste-made-of-cow-dung-urine-282096/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

In February 2018, the Narendra Modi-led government launched a new bovine-centric scheme aimed at fulfilling India’s twin objectives—increase the income of farmers and provide clean energy.

In February 2018, the Narendra Modi-led government launched a new bovine-centric scheme aimed at fulfilling India’s twin objectives—increase the income of farmers and provide clean energy. GOBAR-DHAN—an amalgamation of two words gobar (cow dung) and dhan (wealth)— was launched as an extension to India’s cleanliness campaign, Swachh Bharat Mission, focussing on keeping villages clean, providing a clear revenue stream for rural households, and generation of energy from cattle waste. The Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN) scheme seeks to augment the income of farmers by converting biodegradable waste into compressed biogas (CBG) and aims at attracting entrepreneurs for establishing community-based CBG plants in rural areas. India’s Hindu community has long venerated the cows. Rural households have for years used sun-dried cow dungs as a fuel to heat stoves, despite government efforts to phase it out with subsidised gas cylinders. But now, after four years since the launch, Indian farmers are finally reaping the benefits of continuing with their age-old practice. According to AFP, villages on the outskirts of the central Indian city of Indore are being handsomely rewarded for handing over their mounds of cattle waste in a pilot project to help meet the city's power needs. A 46-year-old farmer said that he has sold nearly a dozen truckloads of fresh manure at $235 per shipment —more than the monthly income of the average Indian farming household. Also read | Indian Prime Minister Narendra Modi appeals to farmers to adopt natural farming "We have a very good quality dung, and we keep the dung clean to ensure it fetches the best price," AFP quoted Suresh Sisodia as saying. Under the project, cattle dung, along with household waste, is sent to the plant to produce flammable methane gas and an organic residue that can be used as fertiliser. Even though the intake capacity of the plant is limited for the time being, officials are working to increase the plant’s capacity to make through 500 tonnes of waste, including at least 25 tonnes of bovine waste, each day —enough to power the city's public transit system, with plenty left over. "One half will run Indore buses and the other half will be sold to industrial clients," plant boss Nitesh Kumar Tripathi told AFP. Watch | Gravitas: Would you use a toothpaste made of cow dung & urine? (With inputs from agencies)

How Modi govt’s cow dung scheme is solving India’s energy crisis and doubling farmers’ income

In a response to the energy crisis, Italian Prime Minister held a quadrilateral meeting with Spanish, Portuguese and Greek counterparts to discuss plans to make Europe more resilient.

Quadrilateral meet on energy crisis: Italy pushes for cap on gas prices

Sri Lankan government has run out of cash to buy fuel. Most of the pumps at the fueling station across the country are running dry. Two shipments of fuel arrived in the country but it was unable to pay for it.

Sri Lankan govt runs out of cash to buy fuel, petrol pumps running dry

The Sri Lankan government has run out of cash to buy fuel, most of the pumps filling stations across the country are now running dry and in fact on Monday two shipments of fuel arrived in Sri Lanka but the island nation was unable to pay for it.

Sri Lanka battles fuel shortage amid foreign exchange crisis

How did Sri Lanka reach to the power crisis? Why did the government fail to foresee this and how is the island nation planning on overcome this? To find answers to these questions WION spoke to Sri Lanka's energy minister Udaya Gammanpila.

Existing power plants have no capacity to meet demand, says Udaya Gammanpila on Lankan power crisis

Food or Fuel? The Sri Lankan govt is in a dilemma on what to purchase first. It's facing an acute shortage of both these essentials. It's relying on loans to stay afloat. India has granted USD 500 million more to help Colombo. Palki Sharma gets you a report.

Gravitas: 'Hand-To-Mouth situation' in Sri Lanka: Food and Fuel supplies run out

India has announced a $500 million credit line to help Sri Lanka purchase petroleum products as the island nation struggles with a massive fuel and energy crisis.

India extends $500 mn line of credit to help Sri Lanka purchase fuel amid energy crisis

The world is grappling with rising energy prices and energy shortages, this issue was at the focus at the COP26 climate summit in Glasgow. Here, let's first understand the challenges involved, VOA Jessica Stone gets us this report.

Energy crisis in focus at COP26 summit

The Chinese government has ordered the country's coal mines to "produce as much coal as possible" in a bid to mitigate the power crisis that has left millions of homes across the nation without electricity.

China orders coal mines to 'produce as much as possible'

China said it has increased daily coal production by over one million tonnes, easing its energy shortage as world leaders gather in Britain for climate talks billed as one of the last chances to avert catastrophic global warming.

The world's biggest coal importer has battled widespread power cuts in recent months that have disrupted supply chains, due to strict emissions targets and record prices for the fossil fuel.

Also Read |&nbsp;<a href="https://www.wionews.com/world/due-to-fuel-shortages-china-rations-diesel-424700">Due to fuel shortages, China rations diesel&nbsp;</a>

But the crisis is now winding down thanks to a boost in domestic coal output, according to a statement from China's top economic planning body late Sunday.

The National Development and Reform Commission said average daily coal production has risen to above 11.5 million tonnes since the middle of October, up by 1.1 million tonnes compared with the end of September.

The production surge comes as world leaders -- but not Chinese President Xi Jinping -- convene in Glasgow for COP26 talks to secure more ambitious global greenhouse gas emissions.

Xi, whose country is the world's largest emitter of planet-heating gases, has instead submitted a written statement to the summit.

In recent months, several Chinese factories were forced to halt operations due to power outages, raising concern about global supply chains.

The squeeze had also been exacerbated by Beijing's zero-tolerance COVID-19 policy that saw it all but close its borders to the outside world, hindering shipments of raw materials from overseas.

A trade tiff with Australia also heightened the drop in coal imports.

Also Read |<a href="https://www.wionews.com/world/oil-rises-on-demand-outlook-despite-china-fuel-reserves-release-425899">&nbsp;Oil rises on demand outlook, despite China fuel reserves release</a>

But at one point in late October daily output hit 11.72 million tonnes, a record in recent years.

Spot prices for the fuel are also "falling fast" with the main contract for thermal coal halving to 970 yuan per tonne over the previous eight days.

"Levels of coal storage&nbsp;have also risen rapidly with the gradual improvement of the supply-demand situation," the agency said.

China generates about 60 percent of its energy from burning coal.

Beijing submitted a renewed climate plan to the United Nations days before the COP26 climate summit, confirming its goal to achieve carbon neutrality before 2060 and slash its emissions intensity -- the amount of emissions per unit of economic output -- by more than 65 percent.

China said it has increased daily coal production by over one million tonnes, easing its energy shortage as world leaders gather in Britain for climate talks billed as one of the last chances to avert catastrophic global warming.

China said it has increased daily coal production by over one million tonnes, easing its energy shortage as world leaders gather in Britain for climate talks billed as one of the last chances to avert catastrophic global warming. The world's biggest coal importer has battled widespread power cuts in recent months that have disrupted supply chains, due to strict emissions targets and record prices for the fossil fuel. Also Read | Due to fuel shortages, China rations diesel But the crisis is now winding down thanks to a boost in domestic coal output, according to a statement from China's top economic planning body late Sunday. The National Development and Reform Commission said average daily coal production has risen to above 11.5 million tonnes since the middle of October, up by 1.1 million tonnes compared with the end of September. The production surge comes as world leaders -- but not Chinese President Xi Jinping -- convene in Glasgow for COP26 talks to secure more ambitious global greenhouse gas emissions. Xi, whose country is the world's largest emitter of planet-heating gases, has instead submitted a written statement to the summit. In recent months, several Chinese factories were forced to halt operations due to power outages, raising concern about global supply chains. The squeeze had also been exacerbated by Beijing's zero-tolerance COVID-19 policy that saw it all but close its borders to the outside world, hindering shipments of raw materials from overseas. A trade tiff with Australia also heightened the drop in coal imports. Also Read | Oil rises on demand outlook, despite China fuel reserves release But at one point in late October daily output hit 11.72 million tonnes, a record in recent years. Spot prices for the fuel are also "falling fast" with the main contract for thermal coal halving to 970 yuan per tonne over the previous eight days. "Levels of coal storage have also risen rapidly with the gradual improvement of the supply-demand situation," the agency said. China generates about 60 percent of its energy from burning coal. Beijing submitted a renewed climate plan to the United Nations days before the COP26 climate summit, confirming its goal to achieve carbon neutrality before 2060 and slash its emissions intensity -- the amount of emissions per unit of economic output -- by more than 65 percent.

China eases power crunch with boost to coal production

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world.

Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes. It is also seen by some as a transition fuel away from highly polluting coal.

Prices for natural gas have risen about sixfold, to record levels. The surge means the wholesale price of electricity has reached stratospheric levels, making headlines across Europe as consumers, battered by the pandemic, are now hit by big increases in their home energy bills. These high costs are also undermining the economics of companies that make fertilizer, steel, glass, and other materials that require a lot of electricity.

Britain, whose power system depends heavily on gas, is taking some of the hardest blows, creating major headaches for the government of Prime Minister Boris Johnson.

Johnson has already been pushed into subsidizing a fertilizer factory and is under pressure to do more to prevent factory closures and job losses. He has also brought in military drivers in an effort to ease a shortage of gasoline, which has caused lines at filling stations.

The gas spike is also making geopolitical waves. Russia, Europe’s largest gas supplier, is being blamed for manipulating prices. The United States, in turn, has warned Moscow not to try to exploit the gas crunch for its own ends. The pinch could open the way for more exports of liquefied natural gas from shale drilling in the United States.

Here is a look at the energy issues rocking Britain and Europe.

Why have natural gas prices jumped so high?

Demand for energy has jumped as the world economy has reawakened from shutdowns brought on by the pandemic. The sudden need for natural gas took the energy industry by surprise, and prices shot up. The approach of winter, the major season of gas consumption, has lifted prices further as countries in Asia, Europe and North America outbid each other to make sure they have fuel to stay warm.

China, the world’s largest gas importer, is snapping up gas to fuel power plants and cut carbon emissions. China’s aggressive purchases are drawing gas away from Europe at a time when deliveries from Russia, a key supplier, have been disappointing.

European countries normally stock up on gas in the summer, when prices are relatively cheap. Not this year. European storage levels are low, making markets so jittery that there have been some of the wildest swings in gas prices that traders have ever seen.

Is this all Russia’s fault?

No. Many factors have contributed. But markets watch the largest supplier to Europe very closely, and analysts say Russia’s recent signals that it will keep a tight grip on gas flows to Europe has played a big role in recent price spikes.

“A lot of those have been triggered by things the Russians have effectively done,” said Trevor Sikorski, the head of gas at Energy Aspects, a research firm.

President Vladimir Putin of Russia is trying to use the energy crunch for his own ends. On Wednesday he said the gas crunch would ease as soon as European regulators approved Nord Stream 2, the politically fraught gas pipeline that runs underwater from Russia to Germany. Once operating, the pipeline will likely strengthen the grip of Gazprom, the Russian gas company, on European markets.

On the other hand, some analysts doubt that the problem would be solved as soon as the European Union and Germany sign off on the new pipeline. Russia is probably facing a crunch of its own, according to Henning Gloystein, a director at Eurasia Group, a political research firm. As part of a deal with the Organization of the Petroleum Exporting Countries to bolster markets during the pandemic, Russian companies were ordered to cut back oil production, and as a result their gas production was also curtailed and has been slow to recover.

Why is Britain in such bad shape?

Britain is paying a price for a combination of successes and failures. The country has to a great extent phased out coal for power generation and built up capacity in renewable energy, particularly offshore wind. These moves cut greenhouse gas emissions and help curb global warming.

But shuttering coal plants while the country’s aging nuclear plants are gradually closing has made Britain dependent on gas for around 40% of the country’s electricity, far more than any other fuel. (In France, by contrast, nuclear plants provide about 70% of electricity.) It hasn’t helped that the breezes that spin Britain’s wind turbines, which generate about 20% of the country’s power on average, have been unusually weak in recent months.

“That success in climate policy is coming back to bite,” Gloystein said.

Britain is not yet far enough in its shift to clean energy to escape the sting of leaps in world gas prices.

“We haven’t at this moment really got enough renewables to really punch through,” said Martin Young, a power analyst at Investec, a securities firm. “Gas is typically setting the price.” Britain’s hefty taxes on carbon emissions are also adding to electricity costs, he said.

A fire that knocked out a large cable bringing electric power from France added to the woes. And unlike other European countries, Britain has not invested in gas storage facilities, instead allowing one major such facility to close in 2017.

Are consumers getting any relief?

The soaring wholesale price of electricity is being passed along to homeowners, stretching budgets and forcing governments to intervene. In Spain, the government recently, in effect, said it would take profits earned on electric power generation from wind and solar to compensate consumers for high gas prices.

About 15 million British households were recently hit with energy price increases in the 12% range under a government program to cap big jumps in rates. The capped rates are reviewed every six months; the next review, in April, is widely expected to result in a bigger jump.

Another issue facing homeowners: Many electricity suppliers that offered customers low-priced deals have found themselves unable to meet their commitments at current prices. Many of these relatively small companies have collapsed in recent weeks, and the accounts of their estimated 1.7 million customers are being auctioned off to stronger companies. No one will lose power because of these business failures, but ultimately those customers will pay higher rates, and the companies that take on the customers will be able to pass on extra expenses to bill payers.

Will businesses get a bailout?

Companies that use a lot of energy are demanding the British government provide some sort of assistance to help pay their skyrocketing bills, but it remains unclear how ministers will respond.

UK Steel, a trade group, said monthly wholesale electric power prices rose to 200 pounds ($273) per megawatt-hour in September, roughly four times what the industry considers normal and nearly double the wholesale price in Germany and France.

Having borrowed heavily to finance furloughs and other programs to cushion the impact of the pandemic, the government is reluctant to spend more.

Recently, though, the government agreed to temporarily subsidize the operations of a fertilizer plant. The factory’s parent, CF Industries, had shut the plant because of high energy costs, but the carbon dioxide it produced as a byproduct was vital to the food industry.

The government is reportedly preparing to announce a low-interest loan program for the most heavily affected businesses, but that is unlikely to assuage executives, who are also seeking relief from Britain’s taxes on carbon emissions.

Gasoline shortages? That’s a different problem.

Long lines at gas stations in Britain last month were caused not by a shortage of fuel but by a shortage of truck drivers to deliver the fuel. Partly because many European drivers have returned home from Britain because of Brexit, there are not enough of them to keep gas stations’ tanks filled.

The problem snowballed when news reports of long lines at filling stations prompted panic buying.

In recent weeks the problem has subsided.

Is this the new normal?

It could be for some time, not unlike the supply chain issues that continue to put a drag on the delivery of goods. Business executives note that these price spikes are occurring in the fall, not winter, when demand for gas revs up, and so they suspect the crunch could worsen. A lot depends on weather. A change in Russia’s approach might help.

But analysts say Britain could be the major European economy most at risk of not having enough energy to run its economy. “Should this happen, the government would likely demand factories to reduce output” in order ensure household supply of gas, Gloystein wrote in a note to clients. 
&nbsp;

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world. Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes.

Just as economies seemed to be returning to something like normal, an energy crunch has hit Britain, the rest of Europe, and much of the world. Natural gas, the main focus of this squeeze, is crucial for generating electricity, running factories, and heating homes. It is also seen by some as a transition fuel away from highly polluting coal. Prices for natural gas have risen about sixfold, to record levels. The surge means the wholesale price of electricity has reached stratospheric levels, making headlines across Europe as consumers, battered by the pandemic, are now hit by big increases in their home energy bills. These high costs are also undermining the economics of companies that make fertilizer, steel, glass, and other materials that require a lot of electricity. Britain, whose power system depends heavily on gas, is taking some of the hardest blows, creating major headaches for the government of Prime Minister Boris Johnson. Johnson has already been pushed into subsidizing a fertilizer factory and is under pressure to do more to prevent factory closures and job losses. He has also brought in military drivers in an effort to ease a shortage of gasoline, which has caused lines at filling stations. The gas spike is also making geopolitical waves. Russia, Europe’s largest gas supplier, is being blamed for manipulating prices. The United States, in turn, has warned Moscow not to try to exploit the gas crunch for its own ends. The pinch could open the way for more exports of liquefied natural gas from shale drilling in the United States. Here is a look at the energy issues rocking Britain and Europe. Why have natural gas prices jumped so high? Demand for energy has jumped as the world economy has reawakened from shutdowns brought on by the pandemic. The sudden need for natural gas took the energy industry by surprise, and prices shot up. The approach of winter, the major season of gas consumption, has lifted prices further as countries in Asia, Europe and North America outbid each other to make sure they have fuel to stay warm. China, the world’s largest gas importer, is snapping up gas to fuel power plants and cut carbon emissions. China’s aggressive purchases are drawing gas away from Europe at a time when deliveries from Russia, a key supplier, have been disappointing. European countries normally stock up on gas in the summer, when prices are relatively cheap. Not this year. European storage levels are low, making markets so jittery that there have been some of the wildest swings in gas prices that traders have ever seen. Is this all Russia’s fault? No. Many factors have contributed. But markets watch the largest supplier to Europe very closely, and analysts say Russia’s recent signals that it will keep a tight grip on gas flows to Europe has played a big role in recent price spikes. “A lot of those have been triggered by things the Russians have effectively done,” said Trevor Sikorski, the head of gas at Energy Aspects, a research firm. President Vladimir Putin of Russia is trying to use the energy crunch for his own ends. On Wednesday he said the gas crunch would ease as soon as European regulators approved Nord Stream 2, the politically fraught gas pipeline that runs underwater from Russia to Germany. Once operating, the pipeline will likely strengthen the grip of Gazprom, the Russian gas company, on European markets. On the other hand, some analysts doubt that the problem would be solved as soon as the European Union and Germany sign off on the new pipeline. Russia is probably facing a crunch of its own, according to Henning Gloystein, a director at Eurasia Group, a political research firm. As part of a deal with the Organization of the Petroleum Exporting Countries to bolster markets during the pandemic, Russian companies were ordered to cut back oil production, and as a result their gas production was also curtailed and has been slow to recover. Why is Britain in such bad shape? Britain is paying a price for a combination of successes and failures. The country has to a great extent phased out coal for power generation and built up capacity in renewable energy, particularly offshore wind. These moves cut greenhouse gas emissions and help curb global warming. But shuttering coal plants while the country’s aging nuclear plants are gradually closing has made Britain dependent on gas for around 40% of the country’s electricity, far more than any other fuel. (In France, by contrast, nuclear plants provide about 70% of electricity.) It hasn’t helped that the breezes that spin Britain’s wind turbines, which generate about 20% of the country’s power on average, have been unusually weak in recent months. “That success in climate policy is coming back to bite,” Gloystein said. Britain is not yet far enough in its shift to clean energy to escape the sting of leaps in world gas prices. “We haven’t at this moment really got enough renewables to really punch through,” said Martin Young, a power analyst at Investec, a securities firm. “Gas is typically setting the price.” Britain’s hefty taxes on carbon emissions are also adding to electricity costs, he said. A fire that knocked out a large cable bringing electric power from France added to the woes. And unlike other European countries, Britain has not invested in gas storage facilities, instead allowing one major such facility to close in 2017. Are consumers getting any relief? The soaring wholesale price of electricity is being passed along to homeowners, stretching budgets and forcing governments to intervene. In Spain, the government recently, in effect, said it would take profits earned on electric power generation from wind and solar to compensate consumers for high gas prices. About 15 million British households were recently hit with energy price increases in the 12% range under a government program to cap big jumps in rates. The capped rates are reviewed every six months; the next review, in April, is widely expected to result in a bigger jump. Another issue facing homeowners: Many electricity suppliers that offered customers low-priced deals have found themselves unable to meet their commitments at current prices. Many of these relatively small companies have collapsed in recent weeks, and the accounts of their estimated 1.7 million customers are being auctioned off to stronger companies. No one will lose power because of these business failures, but ultimately those customers will pay higher rates, and the companies that take on the customers will be able to pass on extra expenses to bill payers. Will businesses get a bailout? Companies that use a lot of energy are demanding the British government provide some sort of assistance to help pay their skyrocketing bills, but it remains unclear how ministers will respond. UK Steel, a trade group, said monthly wholesale electric power prices rose to 200 pounds ($273) per megawatt-hour in September, roughly four times what the industry considers normal and nearly double the wholesale price in Germany and France. Having borrowed heavily to finance furloughs and other programs to cushion the impact of the pandemic, the government is reluctant to spend more. Recently, though, the government agreed to temporarily subsidize the operations of a fertilizer plant. The factory’s parent, CF Industries, had shut the plant because of high energy costs, but the carbon dioxide it produced as a byproduct was vital to the food industry. The government is reportedly preparing to announce a low-interest loan program for the most heavily affected businesses, but that is unlikely to assuage executives, who are also seeking relief from Britain’s taxes on carbon emissions. Gasoline shortages? That’s a different problem. Long lines at gas stations in Britain last month were caused not by a shortage of fuel but by a shortage of truck drivers to deliver the fuel. Partly because many European drivers have returned home from Britain because of Brexit, there are not enough of them to keep gas stations’ tanks filled. The problem snowballed when news reports of long lines at filling stations prompted panic buying. In recent weeks the problem has subsided. Is this the new normal? It could be for some time, not unlike the supply chain issues that continue to put a drag on the delivery of goods. Business executives note that these price spikes are occurring in the fall, not winter, when demand for gas revs up, and so they suspect the crunch could worsen. A lot depends on weather. A change in Russia’s approach might help. But analysts say Britain could be the major European economy most at risk of not having enough energy to run its economy. “Should this happen, the government would likely demand factories to reduce output” in order ensure household supply of gas, Gloystein wrote in a note to clients.

What’s behind the energy crunch in Britain and Europe

After a day of complete blackout, Lebanon's power supply was restored to normal. 2 of the biggest power stations in Lebanon were shut down because of a fuel shortage.

Lebanon: Army provides gas oil to secure power for 3 days

The global energy crisis has reached India. There is a critical shortage of coal in several power plants. Some regions have already begun power rationing. Should Indians brace for blackouts? Palki Sharma tells you.

Gravitas: Should India Brace for Power Cuts?

British soldiers are doubling up as tanker drivers. The Eurozone is reporting its highest inflation in 13 years. South America is on the brink of blackouts. Why is the world facing an energy crisis? Is it insatiable demand or a failed green transition? Palki Sharma tells you.

Gravitas: The global energy crisis explained

Russian President Vladimir Putin is blaming Europe for its current energy crisis. Putin said that one of the factors influencing the prices was the termination of 'long-term contracts' in favour of the spot market.

Putin blames Europe for gas price crisis

Winter is coming & Europe is worried. Natural Gas is alarmingly in short supply in UK, France, Germany & Spain. This crunch could get worse as the temperature drops. Millions will be unable to heat their homes. Palki Sharma tells you about the potential fallout.

Gravitas US Edition: Europe's energy crisis to worsen with the onset of Winter

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