EU Scrambles….

There is nothing like a political crisis to force politicians hands is there? Reuters today reporting some really interesting turnarounds by political leaders in Europe from Liz Truss, new UK PM, who apparently wants more extraction of oil and gas from the North Sea.  Six new oil and gas fields have been approved for development this year so far and recently, it was announced that Centrica’s Rough gas storage site off England’s east coast could reopen this winter as well. Meanwhile, one of ex-PM’s last decisions was to push for the development of a new nuclear reactor to be developed and plans to build a total of eight new reactors between now and 2050. In Germany, the environment minister has asked for new legislation to keep its nuclear reactors and generation capabilities to remain on standby beyond a planned exit from nuclear power at the end of this year. The government also announced on Monday that it will keep two of its three remaining nuclear plants available for power production as part of a reserve scheme to avoid possible power shortages, according to the Reuters article. The main news however was the decision by EU leaders to cap Russian gas… continue reading

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