November 16, 2021

Power squeeze curbs Chinese growth, leaves Europe in a gas bind

  • China’s steps to boost coal output seen taking time
  • Russia says it is ready to ease European gas squeeze
  • Europeans say Moscow using leverage over Nord Stream 2
  • Czech regulator seeks reassurances over power supplies

BEIJING/MOSCOW/PRAGUE, Oct 18 (Reuters) – China’s power shortages hit growth in the world’s second biggest economy, threatening more pain for global supply chains, while Europe’s gas squeeze looked set to continue as Russia’s Gazprom showed no sign of hiking exports to the region in October.

Coal, oil and gas prices have all rocketed higher in recent weeks hammering utilities and consumers from Beijing to Brussels, raising inflationary pressures and putting at risk a global recovery from the COVID-19 pandemic.

The red-hot market underscores the scale of the task facing world leaders, who are under pressure to map out plans to wean their economies off fossil fuels in preparation…

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