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Largest nuclear power plants in Germany to continue operating until spring 2023

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The largest nuclear power plants in Germany will continue operating two of their three remaining reactors until next spring to avoid blackouts this winter, Robert Habek, the German Economy Minister said.

How many nuclear power plants are there in Germany? According to him, two of the three nuclear power plants “will remain in operation until mid-April 2023. The minister noted that if necessary, they will provide “emergency backup” this winter.

According to European media reports, the minister added that two nuclear power plants will be unplugged but will be in “standby mode” and can be reconnected in case of a crisis. This refers to the Isar 2 and Neckarwestheim nuclear power plants located in the south of Germany.

At the same time, Habek, who is a member of the Green Party, noted that Germany will not abandon its decision to permanently get rid of nuclear power.

Earlier this year, Germany shut down three nuclear power plants. It was assumed that by the end of the year Germany would abandon the remaining three nuclear power plants. However, now, by the end of 2022 will be closed only nuclear power plant, located in Emsland in Lower Saxony.

At present, it is the only opportunity for the country to provide itself with electricity. As you know, earlier on the agenda in Germany and other European countries was the complete abandonment of nuclear power. But due to the current situation, EU governments are forced to abandon previous initiatives and look for ways to solve current problems.

Earlier it was reported that in several cities in Germany to save energy resources to introduce restrictive measures, for example, turn off the city building lights, as well as hot water in public institutions, swimming pools and gyms.

Earlier we reported that the American Century S&P 500 interrupted its fall.

Economy

Current inflation in Argentina could reach a record 100% by the end of the year

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Current inflation in Argentina reached 82.2% in September, the highest since the Great Depression, and may reach 100% by the end of the year. 

Why is inflation in Argentina so high?

According to the publication, inflation in the country by the end of 2022 could reach 100%, several times higher than in other Latin American countries. Experts estimate that during the 33 months of President Fernandez’s cabinet, prices in the country rose by 243.6 percent.

“The government of Argentine President Alberto Fernández has once again rebuked entrepreneurs for chasing excessive profits in a situation where the country’s inflation – the worst since the Great Depression 30 years ago – was 82.2 percent this year by the end of September, according to independent economists,” the publication noted.

According to the famous Argentine sociologist Augustine Salvia, after the elections and the organization of public works in the summer the economy went into a recession, as more and more people began to work without an employment contract. At the same time, the situation at the end of the fourth quarter could be even worse.

Earlier, we reported that OPEC+ extended the deal until 2024 and reduced the oil production quota by 2 million bpd.



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The U.S. will not sell strategic reserve oil after the end of Biden’s executive order

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The U.S. administration is not considering an option for strategic reserve oil after the departure of President Joe Biden’s executive order. This was stated by White House press secretary Karin Jean-Pierre at a briefing.

“We’re not considering a new sale of strategic reserve oil beyond the one you’re talking about. I have nothing more to say, we’re not going to consider new sales,” Jean-Pierre said.

According to her, the U.S. will continue to fight inflation. However, no action will be taken now with the strategic reserves. Because this could lower oil reserve levels.

In late March, Biden signed an executive order that required the U.S. Energy Department to sell 1 million barrels of oil a day for six months from the strategic reserve for the sake of reducing gasoline prices in the country.

On Oct. 1, U.S. Energy Secretary Jennifer Granholm asked U.S. energy companies to lower fuel prices and rebuild their reserves.

Before that, global oil prices on September 28 began to decline by more than 1% in the morning amid information about a sharp increase in fuel stocks in the United States.

Earlier we reported that French enterprises were obliged to determine their own measures to save energy.

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OPEC+ extended the deal until 2024 and reduced OPEC+ oil production quota by 2 million bpd

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The OPEC+ alliance has agreed to extend the deal on oil production volumes until December 31, 2023. The daily OPEC+ oil production quota for the member countries of the commodity association will be reduced by 2 million barrels, according to a press release from the organization.

“Participating countries have decided to extend the declaration of cooperation until December 31, 2023 and to adjust total production downward by 2 million bpd from the required production levels in August 2022,” the statement said.

The reduction in daily production levels of oil will begin in November 2022. The alliance also stressed the importance of sticking to the new terms of the deal for each member of the cartel.

Is OPEC+ cutting oil production?

The new requirements were conditioned by the state of general uncertainty in the world energy market as well as the risks of a recession in the global economy in the light of international sanctions against one of the leaders in oil exports, Russia.

On October 5, the EUobserver reported that the eighth package of the EU’s anti-Russian sanctions will take effect on the sixth of this month. The list of restrictions will include: the introduction of price caps on oil transported by sea, as well as measures against exports of steel and timber industries. The total damage is estimated at up to €7 billion.

Earlier we reported that China earns hundreds of millions of dollars from reselling LNG from the US to European companies.

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