Europe’s Energy Crisis: The Wood Squeeze

By Andrew Stuttaford
The National Review
October 20, 2022
Category: Finance & Economics
Region: International

As much as 70 percent of European heating comes from natural gas and electricity, and with Russian deliveries drastically reduced, wood — already used by some 40 million people for heating — has become a sought-after commodity. Prices for wood pellets nearly doubled to 600 euros a ton in France, and there are signs of panic buying. Hungary has banned exports of pellets, and Romania capped firewood prices for six months. Wood stoves that are high in demand can take months to deliver. In France, there are signs of hoarding as some buyers have bought two tons of wood pellets, when less than one ton is normally enough to heat a home for a year. …On the surface Europe’s predicament seems less perilous than it did. Despite Russia this year reducing flows of gas into Europe to half their normal levels, the EU’s gas-storage facilities are over 90% full.

Read More