LONDON — Temperatures in Northern Europe are expected to fall sharply over the coming days as cold air blows in from the Arctic, posing the first major winter test of the region’s energy grids.
The U.K.’s Met Office on Wednesday issued a number of severe national weather warnings for snow and ice, with temperatures set to fall as low as -10 degrees Celsius (14 degrees Fahrenheit) in some isolated spots by the end of the week.
Temperatures across the Nordic countries and central and eastern Europe are also set to drop to close to or below freezing over the coming days.
The projected cold snap is thought to represent a significant stress test for Europe’s fragile energy market systems.
The latest data from industry group Gas Infrastructure Europe shows the EU’s gas storage is estimated to be roughly 90% full. It comes as Russia has sharply cut gas supplies to Europe throughout 2022 following the Kremlin’s invasion of Ukraine in late February and the resulting sanctions.
Energy analysts told CNBC that while Europe’s gas storage levels were in a relatively strong position for winter, southern Germany may be “particularly vulnerable” to freezing temperatures partly due to nuclear outages in France. The U.K. could face problems early next year too if energy exports from the EU fall.
Risk of periodic rationing
Raad Alkadiri, managing director for energy, climate, and sustainability at Eurasia Group, said Europe is “well prepared” for the dip in temperatures, helped by this year’s record buildup of natural gas supplies and the late onset of winter temperatures.
“If the period of freezing temperatures is extensive, there remains a risk that gas demand will need to be curbed further in some parts of Europe through periodic rationing,” Alkadiri told CNBC via email.
The U.K.s Met Office on Wednesday issued a number of severe national weather warnings for snow and ice, with temperatures set to fall as low as -10 degrees Celsius (14 degrees Fahrenheit) in some isolated spots by the end of the week.
Jacob King – Pa Images | Pa Images | Getty Images
Deep-rooted problems with France’s nuclear-heavy energy strategy have raised serious questions about its preparedness for the colder months.
In the event of further curbs, Alkadiri said European capitals would seek to ensure they are skewed to industry and preserving supplies to residential households, “which remain their number one priority.”
Government warnings
The French government last week warned strained tensions in the energy market could lead to power outages and rolling electricity outages in the coming weeks.
Britain’s National Grid chief has previously warned of the possibility that households could face blackouts between 4 p.m. and 7 p.m. on “really, really cold” weekdays in January and February if gas imports are reduced. This scenario, which is seen as “unlikely,” follows a statement from the U.K.’s energy regulator Ofgem that Britain faces a “significant risk” of winter gas shortages.
In Finland, meanwhile, national grid operator Fingrid has reportedly suggested that the winter ritual of people warming the cabins of their cars before they get in may have to be considered as a luxury in order to minimize strain on the power grid.
The Nordic country’s energy authority also warned earlier this month that the risk of short power outages had increased due to uncertainty in domestic production and foreign imports.
“Energy markets feel a bit like boiling the frog at the moment,” Lukas Bunsen, head of research for Central Europe at Aurora Energy Research, told CNBC via email.
“The situation is quite bad — colder weather or any more unexpected outage could lead to power shortages in France,” he added. “Next to this, high prices are damaging to both industry and consumers.”
Bunsen underlined the point that the situation in Europe is not as bad as it could be, however, citing the 27-nation bloc’s “well filled” gas storage facilities.
Several well-known players in the US electric bicycle market have recently joined forces in creative ways. Electric Bike Company, known for its local manufacturing in Southern California, has just announced a major merger with Integral Electrics, an e-bike brand uniquely designing electric bicycles for women and other short statured riders.
Both Electric Bike Company and Integral Electrics have carved out interesting niches in the industry. EBC has become famous for its extremely customizable electric bicycles. Riders can choose everything from the specific paint color to the combination of components and even the material choices – locally manufactured wooden fenders, anyone?
With multiple assembly locations across Newport Beach in Southern California, the local production has allowed EBC to respond quickly to one-of-a-kind builds that are designed by customers on its website or in any of hundreds of dealer locations around the US. The extreme customization has lent itself well to a market where customers often want to create unique bikes that show off personality and character.
Integral Electrics has also found itself an underrepresented market, but this time with a focus on female riders. The brand focuses on making cycling more accessible, regardless of a rider’s gender, height, or cycling experience. The company’s e-bikes are built to fit a wider range of riders, carry multiple children, and make cycling easier for everyone.
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The company’s founder and CEO Laura Belmar started Integral Electrics back in 2023 along with co-founder Paul Freedom, relying on her own experience struggling to find a cargo e-bike that she could comfortably ride with her children. A serial entrepreneur with successful ventures already under her belt, Belmar followed her instincts and tapped into that underserved market.
Now Integral Electrics and Electric Bike Company are merging under a single brand, with Integral Electric’s designs joining the EBC family. EBC has several famous models available, but the brand has long skewed more in the direction of cruisers and comfort bikes. The addition of Integral Electric’s cargo bikes and trikes will help further round out the diversity of models offered.
“Integral’s emphasis on female riders and on cargo e-bikes is a welcome addition to the EBC family,” said EBC founder and CEO Sean Lupton-Smith. “We want to stay on the cutting edge of where the e-bike market is headed, and Integral’s innovative approach helps push us forward.”
And with EBC’s local manufacturing, those bikes will be made closer to home than ever. “Building in the USA also has distinct safety advantages,” explained Belmar. “From my first visit to Electric Bike Company’s California factory, I have been indelibly impressed by the emphasis on quality and safety. Shipping bikes fully built and inspected is so much safer for customers. Electric Bike Company has already achieved one of our long-held aspirations. I’m honored to be part of this team.”
In a climate of tariff uncertainty, the ability to build and assemble bikes locally is becoming even more advantageous. “As tariffs, regulation and competition put pressure on the e-bike industry, Sean’s focus on customization and safety at Electric Bike Company was prescient,” added Freeman. “As we look around the industry, it’s clear that he has built a business that is well-positioned to meet this moment.”
As part of the merger, Belmar will assume the role of President and Chief Commercial Officer at EBC, and Integral Electrics’ Advisor Michael Edwards will join the EBC board.
The news of the merger follows quickly behind another major EBC partnership that saw Pedego ink a licensing deal with the brand to leverage EBC’s customization strengths to produce unique customer-designed Pedego e-bikes.
In addition to rolling out EBC’s Design Wall at many of Pedego’s stores, allowing customers to visually construct any e-bike combination right there in real-time on a large touchscreen, the partnership adds Pedego’s 150+ stores to EBC’s 250+ dealer network, giving customers access to one of the most extensive e-bike sales and service networks in the country.
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A nearly $50,000 electric SUV for just $99 a month? If that sounds too good to be true, it’s because it kind of is. One Honda dealer is promoting a Prologue lease offer for just $99 for 24 months, but you may have a hard time getting your hands on one.
Honda Prologue EV listed for lease at just $99 per month
Honda’s electric SUV is already one of the most popular EVs in the US. In December, it was the third top-selling electric vehicle trailing only the Tesla Model Y and Model 3.
Since the first models hit the streets last March, the Prologue climbed to become the seventh best-selling EV in 2024, beating out Chevy’s new Equinox EV and even the Rivian R1S.
Although Honda, like most, is offering generous discounts to clear inventory, one dealer is taking it to the extreme.
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Buena Park Honda in California is promoting a Honda Prologue lease deal for just $99 for 24 months (plus taxes) with a $3,977 down payment. The crazy low offer is for the 2024 Prologue EX FWD with 10,000 miles a year, but there’s a catch.
Honda Prologue listed for lease at just $99 per month (Source: Buena Park Honda)
For one, there’s only one model listed in its inventory, and it’s the Elite trim, listed at $51,850 (MSRP of $59,350 minus the $7,500 federal EV tax credit). You will also need a trade-in vehicle, including a 2014 or newer Honda or competitor brand.
A salesperson from the dealership told online auto research firm CarsDirect that the EX models are out of stock because they are “really hard to get your hands on.”
2024 Honda Prologue Elite (Source: Honda)
Also, if you factor in the down payment and $595 acquisition fee, the effective cost is $295 per month. That’s only slightly better than the official $239 for a 24-month lease offer Honda is promoting. With just $1,499 due at signing, the effective rate is $301 per month, or just $6 more.
2024 Honda Prologue trim
Starting Price (w/o $1,395 destination fee)
Starting price after tax credit (w/o $1,395 destination fee)
Starting price after tax credit (with $1,395 destination fee)
EPA Range (miles)
EX (FWD)
$47,400
$39,900
$41,295
296
EX (AWD)
$50,400
$42,900
$44,295
281
Touring (FWD)
$51.700
$44,200
$45,595
296
Touring (AWD)
$54,700
$47,200
$48,595
281
Elite (AWD)
$57,900
$50,400
$51,795
273
2024 Honda Prologue prices and range by trim
Although this is offered in California and other CARB emissions states, the Prologue is on sale in different regions for just $209 for 24 months. With $2,699 due at signing, the effective rate is still just $321 per month.
Honda says the Prologue “delivers the same level of quality, reliability, and performance” you expect from the brand.
Based on GM’s Ultium platform, the electric SUV has an EPA-estimated range of up to 296 miles. Although it shares GM’s tech, Honda fine-tuned the Prologue with an added multi-link front and rear suspension to give it a more “sporty” drive.
The Prologue has more interior space, with 111.7 cu ft of passenger volume, than the Honda CR-V (106 cu ft). It also features an 11.3″ touch-screen infotainment system with built-in Google, Apple CarPlay, and Android Auto support, something GM has moved away from.
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