Euro area annual inflation is expected to be 10.7% in October 2022, up from 9.9% in September, according to a flash estimate from Eurostat, the statistical office of the European Union.
Underwater images show an explosion registered as an M2.3 earthquake on the Richter scale on September 26, 2022, damaged over 50 m (165 feet) of one Nord Stream 1 pipe.
Four telecoms executives said on September 29, 2022, there are currently not enough backup systems in many European countries to handle widespread power cuts, raising the prospect of mobile phone outages.
The Swedish Coast Guard (SCG) said they found a fourth leak in Nord Stream pipelines on September 29, 2022, just 3 days after underwater explosions severely damaged two Nord Stream 1 pipes and one Nord Stream 2.
A sharp drop in pressure has been detected on Nord Stream 1 and 2 gas pipelines on September 26, 2022. The investigation into the cause is in progress. On the same day, Norway’s oil safety regulator warned of threats from unidentified drones seen flying near their offshore oil and gas platforms.
On August 12, 2022, River Rhine in Kaub, Germany dropped below a key waterline level of 40 cm (15.7 inches), used as a benchmark for determining its navigability.
Drought and heat have pushed European benchmark electricity prices to all-time highs on August 2, 2022. As a result, countries are relying even more on Russian gas to meet increased power demand instead of storing it for the coming winter season, as recently agreed in Brussels.
UK’s Members of Parliament said millions of people will be plunged into unmanageable dept this winter unless the government comes up with a solid plan to support those most affected by rising prices.
Driven by rising food and energy costs, consumer prices in Eurozone jumped 8.6% over the year through June, hitting another record high since the creation of Euro in 1999.
As the energy crisis in Europe continues deepening, the EU countries that depend on Russian gas have signaled a shift back to coal and started triggering emergency plans that could lead to natural gas rationing ahead of the 2022/23 winter season.