The CEO of Germany's largest utility company, Markus Krebber, has warned that the energy crisis in Europe is far from over, despite relatively high gas storage levels and a less severe hit to the economy than expected. Speaking ahead of his company's annual general meeting, Krebber explained that while Europe had made it through the winter relatively well, this was due in part to the mild weather conditions.
While Germany's gas storage facilities are currently two-thirds full, a level considered unusually high for this time of year, Krebber stressed the need for continued investment in energy infrastructure, including expanding capacity for short-term gas imports. This would involve building up long-term infrastructure for liquefied natural gas (LNG) imports, with RWE set to hand over floating LNG terminals chartered on behalf of the government to state-owned entities in the near future.
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Furthermore, RWE has stated that it will not continue to operate coal-fired power plants any longer than necessary. These plants were part of a security reserve designed to keep the lights on in Germany during the energy crisis that was triggered by the end of Russian gas supplies.
Krebber's warning is a reminder that the European energy crisis is far from resolved. While mild weather conditions have helped to mitigate the situation, investment in energy infrastructure remains crucial to ensure long-term stability. As such, governments and private entities must work together to find sustainable solutions and reduce dependence on fossil fuels.
