Can Europe make it through another winter? An update on Europe’s gas crisis and a case study on Germany
- 19 October 2023 (10 min read)
Key points
- In August 2022, Russia cut off its Nord Stream gas pipeline to Europe, triggering an unprecedented gas crisis. But the worst-case scenario was avoided thanks to a mild winter and material efforts in place to save gas consumption.
- However, Europe’s energy supply is still in a state of transition and despite lower risks, some uncertainties persist.
- In this paper we review the current situation in Germany, Italy and France and explore different potential scenarios for this winter.
- We also address France’s nuclear programme and its uranium procurement.
Our experts and investment teams outline their key convictions
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