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A German gas storage facility photographed in September 2022. European countries are attempting to wean themselves off Russian gas following the Kremlin’s invasion of Ukraine.

Krisztian Bocsi | Bloomberg | Getty Images

The executive director of the International Energy Agency on Wednesday said that while Europe’s gas storage for this winter was nearly full, the following one could pose a significant challenge.

Taking questions following a meeting of the Economic Council of Finland, Fatih Birol said close to 90% of gas storage was full in Europe.

“I would have preferred that the European countries were much more nimble, much … faster, to react to our recommendations,” he told reporters, referencing the IEA’s 10-point plan on how to reduce Europe’s reliance on Russian gas following the Kremlin’s invasion of Ukraine.

“But where we are is not bad and I expect if there are no surprises — political and technical surprises — and if the winter … is a normal winter, Europe can go through this winter with some bruises here and there, but we can come to February and March.”

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At this point, Birol said storage levels will likely have dropped to between 25% and 30%. “So the question is, how do we go from 25% or 30% to, once again, [for the] 2023 winter … 80-90%?”

“What helped us this time, [is that] we still imported some gas from Russia in the last few months,” he said. In addition, China had imported “less gas than it would have otherwise” due to what Birol called “very sluggish economic performance.”

The scenario, Birol, said, could change in 2023, especially with regard to China. “Next year, if Chinese gas imports increase with the Chinese economy coming back, it will be [a] rather difficult few months starting from March to next winter.”

“So this winter is difficult, but next winter may also be very difficult as well,” he said, adding that preparations for the latter period needed to start today.

Birol’s comments come at a time when Europe is scrambling to shore up energy supplies as the war in Ukraine continues.

Russia was the biggest supplier of both petroleum oils and natural gas to the EU last year, according to Eurostat, but in a report published on Monday, the IEA said gas exports from Russia to the European Union had seen a significant decline this year.

“Despite available production and transport capacity, Russia has reduced its gas supplies to the European Union by close to 50% y-o-y since the start of 2022,” the Paris-based organization’s latest Gas Market Report said.

“In the current context, the complete shutdown of Russian pipeline gas supplies to the European Union cannot be excluded ahead of the 2022/23 heating season — when the European gas market is at its most vulnerable,” the report added.

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In a sign of how challenging the current situation is, energy firm Orsted recently announced it would continue or restart operations at three fossil fuel facilities after being ordered by Danish authorities to do so.

In a statement over the weekend, Orsted — whose biggest stakeholder is the Danish state — said the direction had been made “to ensure the security of the electricity supply in Denmark.”

A few days before Orsted’s announcement, another big European energy firm, Germany’s RWE, said three of its lignite, or brown coal, units would “temporarily return to [the] electricity market to strengthen security of supply and save gas in power generation.”

RWE said each of the units had a 300-megawatt capacity. “Their deployment is initially limited until 30 June 2023,” it added.

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ChargePoint just launched EV charger checkups – before they break

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ChargePoint just launched EV charger checkups – before they break

ChargePoint is rolling out a new program called “Safeguard Care” to ensure its EV chargers stay online. The service proactively sends trained technicians into the field to routinely check ChargePoint stations – before things go wrong.

These technicians inspect the chargers, clean them, repair what they can on-site, and run a test charge to ensure everything works before they leave. If they come across something they can’t fix, the issue gets escalated to ChargePoint’s support team for follow-up.

“As the original manufacturer of the chargers, we are able to ensure the highest standards of service and support,” said JD Singh, ChargePoint’s chief customer experience officer. “With Safeguard Care, ChargePoint is giving station owners and EV drivers peace of mind knowing that chargers will be in pristine working order.”

The service, which is starting in five launch markets across the US (ChargePoint hasn’t said which ones, and I’ll update if it answers me), is in addition to ChargePoint Assure, its existing hardware and software monitoring system. It benefits high-traffic charging sites like parking garages, office buildings, and public charging hubs, especially ones that don’t have a dedicated on-site maintenance crew.

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This move is part of ChargePoint’s broader effort to make public EV charging more reliable. In recent months, the company has introduced anti-vandalism upgrades and more proactive monitoring tools. But Safeguard Care marks an interesting shift toward proactive, rather than reactive, boots-on-the-ground support. Technicians usually aren’t dispatched until the EV charger software sends a notification to support that something’s gone wrong. I’ll be curious to see if this new in-person approach makes a difference with EV charger reliability.

Read more: The US added 4,200 new DC fast charging ports, and that’s just Q2


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PayPal beats on earnings, raises full-year outlook as Venmo growth accelerates

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PayPal beats on earnings, raises full-year outlook as Venmo growth accelerates

Stellar's Denelle Dixon on PayPal launching its stablecoin on the foundation's blockchain

PayPal reported better-than-expected results for the second quarter and raised its full-year guidance for transaction margin dollars and earnings per share. The stock slipped more than 4% following the report.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

  • Earnings per share: $1.40 adjusted vs. $1.30 expected
  • Revenue: $8.29 billion vs. $8.08 billion expected

Sales increased 5% from $7.89 billion a year earlier, as CEO Alex Chriss worked to roll off lower-margin revenue streams.

Transaction margin dollars, a key measure of profitability, rose 7% to $3.84 billion, marking the company’s sixth straight quarter of growth.

Growth in that metric slowed sequentially, down from 8% in the first quarter when excluding a one-time benefit that boosted results earlier this year. Branded checkout volumes also slowed to 5%, compared with 6% in the first quarter when adjusted for Leap Day.

Total payment volume, an indication of how digital payments are faring in the broader economy, beat estimates, coming in at $443.6 billion, compared with the $433.6 billion analysts had projected, according to StreetAccount. The number of active accounts rose 2% to 438 million, versus expectations of 437.8 million.

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PayPal shares are nearly 10% lower so far this year.

PayPal shares have fallen 8.4% for the year, as of Monday’s close, while the Nasdaq is up about 10% in 2025.

Venmo revenue grew more than 20% from a year earlier, following a 20% jump in the first quarter, though the company didn’t provide a dollar figure. Total payment volume for Venmo increased 12%, its highest growth rate in three years.

Chriss has focused on better monetizing key acquisitions such as Braintree and Venmo. DoorDash, Starbucks and Ticketmaster are among businesses now accepting Venmo as one way consumers can pay.

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“We delivered another quarter of profitable growth, driven by continued strength across many of our strategic initiatives ranging from PayPal and Venmo branded experiences” to acting as payment service provider and other services, Chriss said in the statement.

For the third quarter, PayPal forecast adjusted earnings per share of $1.18 to $1.22, compared with the average analyst estimate of $1.20. Transaction margin dollars are expected to increase 4% to between $3.76 billion and $3.82 billion, the company said.

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Ahead of PayPal’s earnings, some analysts had struck a cautiously optimistic tone. Goldman Sachs noted that branded checkout growth was likely to improve sequentially to around 6%, up from 4% in the first quarter. 

Morgan Stanley pointed to stronger e-commerce data and progress on PayPal’s checkout initiatives. Advanced integrations are now live at 45% of U.S. merchants, up from 30% in December, and are expected to help branded checkout volumes reaccelerate. The bank also flagged ongoing momentum in Braintree volumes.

PayPal now expects full-year adjusted earnings per share of $5.15 to $5.30, up from its prior forecast of $4.95 to $5.10. While third-quarter guidance is roughly inline with expectations, the updated outlook implies a stronger fourth quarter. The company also projects free cash flow of $6 billion to $7 billion for the year.

WATCH: PayPal’s crypto lead on allowing merchants to buy and sell virtual assets

PayPal's crypto lead on allowing merchants to buy and sell virtual assets

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’70 MPH e-bikes’ prompt one US state to change its laws

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'70 MPH e-bikes' prompt one US state to change its laws

Electric bikes are booming in popularity in just about every demographic in the US. From teens riding to school all the way to elderly folks getting back on a bicycle for the first time in years, electric bikes are becoming ubiquitous. But as speeds and power levels have increased, Connecticut is responding with new laws.

Westport Police Lt. Serenity Dobson recently spoke to CTInsider about the phenomenon of more teens riding their e-bikes to school instead of being driven by their parents. “The whole entire bike rack is filled with these bikes that look like electric dirt bikes.”

Moped-style e-bikes have become increasingly popular with teens, with companies like Super73 ushering in a new wave of electric bikes with design cues borrowed from classic mopeds of decades past.

But Dobson says that these e-bikes are too easily modifiable, increasing speed and motor power past acceptable limits.

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“These bikes come stock at 30 mph, but you can cut the controller, and so then they can go 60, 70 mph, and the kids know how to do this,” Dobson said, adding that there has been a “huge increase in middle school-aged kids” riding e-bikes, particularly in the summer when school is out. “There are a lot of YouTube videos where it can show you how easy it is for someone to modify it.”

It’s not clear that such speeds are actually capable on stock parts from nearly any electric bicycle, and legal electric bikes are not capable of exceeding either 20 or 28 mph, depending on their classification, but Dobson may be referring to Sur Ron-style electric motorbikes, which are off-road electric motorcycles that look like small dirt bikes.

Connecticut already uses the common three-class system that codifies legal e-bikes as up to 20 mph (32 km/h) and 750W (one horsepower) for Class 1 and 2, or up to 28 mph (45 km/h) for Class 3 e-bikes.

But now the state is updating its e-bike laws, adding that any e-bike with over 750W of power will be considered a “motor-driven cycle” and require a driver’s license. Over 3,500W? That will be considered a motorcycle and require a motorcycle endorsement to legally ride, as well as registration and insurance like a motorcycle.

The new laws are expected to come into effect in October.

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