The European producers of electric power are asking the Russian government to send more coal to cope with the power crisis that might soon engulf Europe amidst the sky-high gas prices.
According to Bloomberg, the European gas storages are full only partially, and the renewable energy sources cannot satisfy these demands.
"If all the European utilities switch to coal, it will result in a huge spike in coal demand that Russia alone cannot provide for on such a short notice. That would need supply from other countries as well, from the U.S. for example, but the situation there is similar to everywhere else", said Natasha Tyrina, a principal research analyst at Wood Mackenzie Ltd. in Houston, TX.
The agency claims that Europe's dependence on the Russian gas, which it needs to support the work of its economy, largely complicates negotiations on the critical matters of the climate. It's only several weeks before the scheduled COP26 meeting in Glasgow.
On September 28, it became known that the gas price in Europe exceeded the mark of 1,000 US dollars per 1,000 cubic meters - for the first time in history.