Putin’s war on energy is testing solidarity between EU nations
Putin’s war on energy is testing solidarity between EU nations
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Russia’s continuing war in Ukraine is causing a “very, very challenging” situation in Europe, which is testing its countries’ solidarity not only in how they react to Putin’s aggression, but also in how they deal with the aftereffects.
The conflict’s impacts on energy have rippled across Europe: Germany has scrambled to bolster its natural gas storage, French President Emmanuel Macron has encouraged people to cut their gas usage by 10% ahead of winter, and Italy is looking to scale back gas consumption by 7%.
“We have never experienced such a challenging experience,” Paolo Gentiloni, the EU’s economics commissioner, told CNBC on Oct. 12.
“I’m calling [for] European action, European solidarity, because the experience we had in the previous crisis … was that acting together, responding together, you are not only able to avoid divisions among European countries but you have a strong, strong reaction,” Gentiloni said, referring to the unanimous, albeit “slow” procurement and rollout of Covid-19 vaccines in 2021.
Gentiloni also referred to a “common tool” that could be used across the EU to help member states combat the energy crisis.
“I’m not calling for further common debt,” Gentiloni highlights, “because we have a big common debt for what we call next generation EU. I’m calling for a common tool based on loans to face the emergency that we have,” he said.
Divisions in the ranks?
But divisions are starting to show in how countries are approaching the energy crisis.
Poland, Belgium, Italy and Greece are among the countries proposing a gas “price corridor” across Europe in an attempt to tackle soaring prices.
The gas price corridor, “should act as a circuit breaker and disincentive to speculation. It is not meant to suppress prices at an artificially low level,” according to a draft proposal, as reported by Reuters.
But other countries, including Germany, are thought to oppose the plan over fears that capping prices could have negative impacts on energy security.
The corridor is thought to have been discussed on Oct. 7, but no further details have been released.
Meanwhile, Germany has already put provisions in place as winter approaches.
Chancellor Olaf Scholz announced a 200 billion euro ($193 billion) package to subsidize basic consumption for households and small and medium-sized companies on Sept. 30.
But Germany working independently of the wider European community has prompted questions over the country’s commitment to a unified response to the energy crisis, with fears that the package could have a negative impact on the country’s neighbors.
When asked whether Germany should commit to not buying energy ahead of other European countries, Gentiloni said that would be “a very good move.”
“I would say not only for Germany, [but also] for Italy, for other countries that are understandably on their own in looking for energy sources, alternative[s] to Russian fossil fuels,” Gentolini said.
“I’m not criticizing Germany,” Gentiloni emphasized, “but asking for something more from the EU.”
Others have been more direct in their disapproval of Germany’s role in Europe’s energy crisis, including Polish Prime Minister Mateusz Morawiecki.
“This is our collective problem,” Morawiecki said, “it cannot be so, that one country, which is the richest and the most developed in Europe like Germany … can block everything which is now happening,” he said, referring to the proposed gas corridor.
“We don’t want to be patronized by some countries which then behave in a completely different way than they were expected to do just before,” he told CNBC’s Charlotte Reed in an exclusive interview on Oct. 6.
Poland’s Finance Minister, Magdalena Rzeczkowska, took a more balanced approach, saying that while Europe should try to “find common solutions for all” that won’t “disturb the equal playing field in Europe,” she could understand why countries may put forward their own proposals.
“The energy discussions are taking too long,” Rzeczkowska told CNBC’s Geoff Cutmore at the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C.
“Poland is [also] doing our own programs, our own solutions, because we cannot wait. But still, we need to be strong, we need to have a coordinated approach,” she said.
Eurogroup President Pascal Donohoe said he too could understand why countries are bringing forward their own policies rather than waiting for an approach with EU-wide approval.
“Every single government is looking at the right measures for their own governments,” he said, also speaking from Washington.
IMF chief economist Pierre-Olivier Gourinchas said he was unable to comment on whether Germany’s plan would work as “we don’t have details yet.”
While specifics have yet to be released, the plans are set to run until 2024, and include electricity and gas price brakes, reactivation of the Economic Stabilisation Fund, which was used to bail out Lufthansa during the pandemic, and a reduction of gas VAT.
The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
Read more: Ørsted got a huge Tesla battery storage system for the world’s single-largest offshore wind farm
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Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
2024 Jeep Wagoneer S EV lease prices
After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
| Jeep Wagoneer S vs Tesla Model Y | Starting Price | Range | Lease Price |
| Jeep Wagoneer S Launch Edition | $71,995 | +300 miles | $599/mo |
| Tesla Model Y RWD | $44,990 | 320 miles | $299/mo |
| Tesla Model Y AWD | $47,990 | 308 miles | $399/mo |
| Tesla Model Y AWD Performance | $51,490 | 279 miles | $599/mo |
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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