Europe has avoided energy collapse. But is the crisis over?
FRANKFURT, Germany (AP) — Warm weather is helping Europe keep the lights and heat on this winter despite Russia cutting off most of its natural gas supply to the continent. Record highs have left Europe’s gas reserves practically untouched well into the winter heating season. That’s highly unusual — and politicians and analysts say it means the risk of blackouts or rationing is over. Households and businesses may avoid further extreme price spikes, but bills will stay higher than usual because gas prices are still far above where they were in early 2021. There’s also still uncertainty. A rebound in Chinese demand for natural gas after the end of severe COVID-19 lockdowns could put new strains on the energy market.