Norwegian Energy Giant Equinor Says Utilities in The EU Must Raise €1.5ttn To Cover The Cost Of Their Exposure To Soaring Gas Prices

The gas receiving compressor station of the Nord Stream 1 natural gas pipeline in Lubmin, Germany. Photograph: Krisztian Bocsi/Bloomberg 

Independent.ie: Utilities in Europe face €1.5trn rush for funds after Vladimir Putin shuts Nord Stream pipeline to Germany 

Gas prices have soared to five times their level a year ago in the wake of Russia’s invasion of Ukraine European energy companies need at least €1.5 trillion to cover the cost of their exposure to soaring gas prices, Norwegian energy giant Equinor has estimated, and that does not include firms in the UK. 

Several countries are providing billions of euros in support to power suppliers caught out by extra collateral payments on their trades - known as margin calls, but Equinor’s estimate suggests such support is a fraction of the overall bill.  

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WNU Editor: This 1.5 trillion Euro exposure does not include the U.K.. 

Europe's energy companies are now facing massive margin calls because they cannot cover their energy market positions. Expect upcoming announcements from all EU governments on massive bailouts .... European Governments Are Starting To Bail Out Their Energy Companies (September 3, 2022). 

The Swedes and Finns are the first to be stepping in with a $50 billion rescue package.... Sweden And Finland Are Bailing Out Their Power Companies With The Closure Of Nord Stream 1 Gas Pipeline (September 5, 2022). 

It also looks like this Goldman Sachs prediction is coming true .... Goldman Sachs Says Europe’s Household Electrical Bills Could Surge By $2 Trillion By Next Year (September 6, 2022).