Europe’s governments are concerned about energy supplies over the winter and the future of Russian gas imports, Musk’s war with APPL
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Summary:
- Governments in Europe remain concerned about how they will provide heat and electricity to their citizens.
- The EU region still relies on Russia for the essential fuel.
- Elon Musk is going to war with Apple (AAPL).
Europe's energy crisis
Governments in Europe have been concerned about how they will provide heat and electricity to their citizens ever since Russia invaded Ukraine. Although the energy crisis was initially brought on by gas shortages, it is now anticipated that the biggest burden will be placed on the electricity network, which is partially dependent on gas. The gloomy outlook for this winter has been slightly brightened by the mild weather, but the European electrical infrastructure will face its hardest test yet in the months and years to come.
The world's most dependent region in terms of electricity commerce accounts for more than 15% of power in Europe in a normal year.
The gas crisis in the EU has occurred at the same time as other power-related issues, such as significant nuclear fleet failures in France and low hydro levels in Norway. Governments from Germany to Slovakia are already debating whether or when to cut back on electricity exports to their neighbors as a result of the possibility of blackouts and sky-high electricity costs at home. A stretch of warm weather in November, along with large gas reserves and attempts to cut use, have allayed initial concerns of a power outage. The coldest months, January and February, when heating requirements will be at their peak, continue to raise worries.
As wealthier nations take efforts to keep domestic energy prices low, political conflicts over electricity prices have already erupted amongst EU member states in Brussels.
The unified market that underpins European power trading is beginning to erode as a result of these regulations, and they are also opening up opportunities for businesses or nations to cut back on electricity exports.
In Europe, people could face energy blackouts this winter. To understand what is at stake, the Financial Times explores how the European energy grid actually works 🧵 https://t.co/KnLLWguMOh
— Financial Times (@FinancialTimes) November 29, 2022
Russian seaborne gas imports
The EU region still relies on Russia for the essential fuel, despite the fact that pipeline supplies have all but ceased, as seen by the record volume of Russian gas being imported into Europe by sea. Despite Brussels' efforts to move away from Russian sources, imports of Russian liquefied natural gas, which is typically transported on large tankers, increased by more than 40% between January and October this year compared to the same period in 2021. This shows how difficult it is for Europe to wean itself off gas from Moscow.
With a divide forming between nations like Spain and Greece in favor of a ceiling on gas prices, while Germany, Denmark, and the Netherlands have remained skeptical of such a move, European unity is already being put to the test. In the meantime, Hungary and Gazprom agreed to a new gas agreement in August.
Europe’s imports of Russian seaborne gas jump to record high https://t.co/nFjls79OyZ
— FT Commodities (@ftcommodities) November 28, 2022
Elon Musk at war with Apple
Elon Musk is going to war with Apple (AAPL). On Monday, the CEO of Tesla (TSLA) and the newly appointed head of Twitter went to his social media platform to criticize Apple for its 30% App Store fees and the iPhone manufacturer for reducing its online advertising.
Musk questioned whether Apple actually opposes free speech in America in a series of tweets in which he claimed the corporation was stifling speech by imposing strict content guidelines on apps sold through its app store. Tim Cook, the CEO of Apple, was particularly mentioned by Musk in one tweet.
Musk claims that Apple has ceased running the majority of its Twitter advertisements. If this is the case, Apple wouldn't be the only company to decide to stop running ads on Twitter. In the weeks following Musk's turbulent takeover, businesses ranging from GM and VW to General Mills and Eli Lilly have either reduced their platform ad expenditure or quit advertising entirely. Musk also responded to a tweet from The Verge's deputy editor Jake Kastrenakes, who claimed that if Twitter doesn't comply with Apple's moderation requirements, the social media platform will be kicked out of the App Store.
Elon Musk goes to war with Apple over App Store fees, moderation https://t.co/7vRRfjgmfh by @DanielHowley pic.twitter.com/1D3w9PG4PC
— Yahoo Finance (@YahooFinance) November 29, 2022
Sources: twitter.com, ft.com, finance.yahoo.com
