Posted on 03/01/2022 8:12:28 PM PST by Zhang Fei
After Vladimir Putin launched a full-scale attack on Ukraine on Thursday, the EU announced an initial raft of sanctions against Russia with more expected to follow.
The instability and sanctions are expected to have a wide-ranging impact on gas supplies and prices in Europe, particularly in Germany and Italy, the two European countries most reliant on gas exports from Russia.
Addressing Italy’s parliament on Friday, Draghi laid out plans to offset price increases and turn to alternative sources of energy.
“The sanctions require us to carefully consider the impact on our economy,” he said.
“The biggest concern is in the energy sector, which has already been hit by price rises in recent months: around 45 percent of the gas we import comes from Russia, up from 27 percent ten years ago.”
Draghi suggested Italy needs to increase its domestic production of gas, which has fallen in recent years, and source more power from existing coal plants.
“The reopening of coal-fired power stations could be used to make up any shortfall in the immediate future,” he said, adding that “the government is ready to intervene to further lower the price of energy, should this be necessary. It is necessary.”
Italy is already in the middle of an energy price crisis, with the authorities last week announcing another €6 billion in aid to offset price hikes following record bill rises last month.
These funds are on top of some €10 billion already budgeted since last summer to help customers and businesses.
Increasing reliance on coal-fired power would spell an ecological step backwards, as Italy plans in the longer term to achieve climate neutrality by replacing fossil fuels to produce electricity.
As part of Italy’s overall strategy to transition to more sustainable sources of energy, state-backed energy provider Enel closed a coal power
(Excerpt) Read more at thelocal.it ...
Green energy for thee but not for me.
It shows what a joke “climate change” politics really is - it can’t survive its first minor contact with geopolitical reality.
If this crap ends (relatively) peacefully, but with the Europeans telling the Greens to SHOVE IT, then it may well be all worth it.
Without reliable, relatively cheap electricity there is poverty, social and political instability. China understands this better than any delusional Western politician.
Good!
The climate change crowd will love it /s
KRBN, an ETF that tracks global carbon futures, dropped 13% today.
The Italian business lobby is calling for the suspension of the EU’s carbon market.
Red China only “understands” power. Their agents in the so-called “western” nations understand their commands to weaken the USA in particular as the last bulwark against communism and to break the USA’s alliance with the rest of “the west”.
“It shows what a joke “climate change” politics really is - it can’t survive its first minor contact with geopolitical reality.”
It’s always the case when reality is mocked. Sooner than later reality gets its revenge over delusionals.
Never fails.
There is one silver lining in this dark cloud. It exposes the environazis as nuts.
[There is one silver lining in this dark cloud. It exposes the environazis as nuts.]
Cleaner than American gas and oil?
I hope John Kerry gives those Italians a piece of his “mind.”
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