Heatwave and Drought Push Europe's Energy Crisis Into New Phase as Brent-Diesel Spread Nears 20-Year High

According to Eghtesad Online, citing ISNA and Oilprice.com, an intense heatwave and drought across Europe are cutting refinery cooling efficiency, reducing nuclear and hydropower output, and raising the cost of shipping fuel on inland waterways. The Brent-ICE gasoil (diesel) spread topped $75 a barrel last Friday (August 1), near its highest level in 20 years, the report said.

Citing Reuters, the report said output at Hungary's Paks nuclear plant, which supplies half the country's electricity, has fallen from 2,000 megawatts to just 240 megawatts, with Prime Minister Peter Magyar warning of the plant's first-ever full shutdown in its 44-year history if Danube water levels drop further. In the Alps, inflows into hydropower reservoirs are running about 50% below the 15-year average, and Norway has recorded its lowest snow reserves in two decades, leaving a 25-terawatt-hour energy shortfall.