(Photo : AXEL HEIMKEN/AFP via Getty Images)
German minister Robert Habeck as the worst case energy shortage that could have impacted the economy has been avoided by Germany.
The German minister stated that the worst-case energy shortage had been side-stepped by Berlin with the decisions it took, especially the dangers it presented to the economy in particular since it is dependent on Russian natural gas.
Germany Can Survive Winter Despite Energy Shortage
As stated by the economy minister on Thursday, Germany has thus far managed to avoid the "worst-case situation" of an economic meltdown by getting cut off Russian gas. Germany is convinced its stocks can weather the winter, reported Zawya.
Before the Ukraine conflict, Moscow had been supplying the EU, which had shut off the gas taps due to punitive measures. This came as the Kremlin reacted to bloc members' actions trying to lessen Russian energy consumption.
One of the EU's biggest economic entities has been powered by its imports of cheap energy from abroad; events in eastern Europe have forced Germany to look for other sources, tapping the US and Norway to pay more.
Robert Habeck, the minister of the environment and the economy, made these remarks while in Oslo, adding that a terrible situation was thwarted this summer. The core of German and European industry was on the brink of disaster with a total and dangerous collapse, but it was stalled, noted The Local.
In a media conference, he said that gas storage is enough and more than 90 percent with prices dropping. Habeck said that although the gas price might soar again, he had a "definite positivity" about next winter since gas stocks have already been bolstered. Shipments of liquefied natural gas (LNG) have also ratcheted up.
Worst-Case Scenario on Energy Shortage
Like most of Europe, Germany has struggled to invest in infrastructure to buy foreign LNG and officially launched its first hub last December. Norway enhanced its energy production by eight percent last year and became Europe's leading gas provider as the war started in Ukraine.
According to Norwegian Prime Minister Jonas Gahr Store; stated Berlin has not been as crucial to Oslo as in recent months, saying that Norway is just as connected to Germany as now, citing Barrons.
On Thursday, the two nations agreed to enhance cooperation in eco-friendly industries, including renewable energies and electric battery packs.
Norwegian oil and gas giant, Equinor, and German utility firm, RWE, made a collaborative hydrogen project designed to help Germany reduce carbon emissions in its power generation.
The plan's components are the building of several plants that Norway will supply with natural gas as an alternative to coal-powered plants by 2030. Even if the option of natural gas is cleaner than coal, it will be supplanted by hydrogen later as it gets more supply.
At first, natural gas will be utilized to generate the "blue" hydrogen, and much more than 95% of the CO2 will be captured during the industrial process. It would then be carbon-free "green" hydrogen, utilizing energy from offshore wind turbines that Equinor and RWE want to create cooperatively off Germany and Norway.
The program includes constructing a pipeline between Norway and Germany to transfer hydrogen, the economic feasibility of which is currently probed.
The German minister has remarked that the worst-case energy shortage was narrowly avoided, but the energy crunch remains a threat.
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