Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
Europe thought it was in decent shape for gas supplies heading into the winter. But a recent cold snap has rapidly depleted reserves and looming cuts from Moscow have the EU worried about a fresh energy crisis. Escalating tensions in Ukraine have also contributed to a 45% surge in gas prices this year — below 2022 highs but still concerning. With a key transit deal for Russian gas expiring at the end of the year, the EU is bracing for fresh challenges to refilling its storage tanks. The strains will be felt by consumers, particularly in Germany, where pressure on its energy-intensive industries will strain Europe’s largest economy for a third straight year.
