Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens

by | Aug 24, 2022 | Headline News

Do you LOVE America?


    This article was originally published by Tyler Durden at ZeroHedge. 

    Belgian Prime Minister Alexander De Croo might have spilled the beans about the duration of Europe’s energy crisis. He told reporters Monday, “the next 5 to 10 winters will be difficult.” 

    “The development of the situation is very difficult throughout Europe,” De Croo told Belgium broadcaster VRT.

    “In a number of sectors, it is really difficult to deal with those high energy prices. We are monitoring this closely, but we must be transparent: the coming months will be difficult, the coming winters will be difficult,” he said. 

    The prime minister’s comments suggest replacing Russian natural gas imports could take years, exerting further economic doom on the region’s economy in the form of energy hyperinflation.

    Europe faces a historic energy crisis exacerbated by Russia’s war in Ukraine (and Western sanctions that have backfired). The continent heavily relies on Russia for its energy needs, importing about 40% of NatGas. At just 20% capacity with risks of going to zero next month, Russian supplies via Gazprom’s Nord Stream 1 have sent NatGas and power prices to record highs this week.

    European NatGas prices soared to a record high of 277 euros per megawatt-hour on Monday, about 15 times the average summertime price. Leon Izbicki, a commodity analyst at Energy Aspects Ltd., told Bloomberg if NS1 flows come to a halt in September, prices could rise to 400 euros per megawatt-hour.

    Bloomberg’s commodities reporter Javier Blas tweeted a map of day-ahead electricity prices across Europe. He called the prices “eye-watering, with lots of countries setting record highs for today.”

    The shift from Russian NatGas supplies has backfired for the 19-nation eurozone. Germany, Europe’s largest economy, could be headed for a recession that will bring down the rest of the continent.

    De Croo said Belgium and the eurozone must “support each other in these difficult times.”

    Europe’s dark winter could be a yearly occurrence throughout this decade if the prime minister is right. The widely optimistic idea that the bloc could replace all Russian Natgas imports this year was a farce, and now European households must pay exorbitantly high power costs, forcing millions into energy poverty.

    Even though Germany admitted that it was a terrible mistake to become so dependent on cheap Russian energy — like a drug — how long does it take for Berlin to go back to its dealer [Moscow] for resupplies and defect from the rest of Europe because it doesn’t want to freeze to death this winter nor crash its economy.


    It Took 22 Years to Get to This Point

    Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.

    Free Exclusive Report
    The inevitable Breakout – The two w’s

      Related Articles


      Join the conversation!

      It’s 100% free and your personal information will never be sold or shared online.


      Commenting Policy:

      Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

      This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.