European governments have outlined new measures to cope with potential energy shortages this winter, Reuters reports.
Spain has drawn up plans that could force energy-intensive industries to shut down during periods of peak demand, France said it was preparing to send gas to Germany starting in October, while Berlin said a European power plant was still negotiating state aid for utility Uniper.
On Monday, German customers briefly reserved capacity to receive Russian gas through the Nord Stream 1 pipeline, the first time since the supply was cut off. But they soon abandoned the requests.
European gas prices have more than doubled since the beginning of the year amid a decline in supplies from Russia.
The German economy is already contracting and is likely to worsen in the winter months as gas consumption is cut or rationed, the country's central bank said. It added that the economy is likely to shrink even if direct rationing is avoided, as companies reduce or stop production.
In France, natural gas exports to Germany could start around Oct. 10, the head of the French energy regulator CRE said after President Emmanuel Macron said the two EU neighbors would help each other with electricity and gas flows during the crisis.
While French energy group EDF is rushing to repair corrosion-damaged nuclear reactors, "exceptional" measures this winter could include local blackouts if the winter is cold and EDF plans are delayed.
But there will be no gas cuts for households.
Spanish Industry Minister Reyes Maroto said that forcing energy-intensive companies to shut down during consumption peaks is an option to be considered this winter, if necessary. The companies would be financially compensated, she said.
Finns were warned to be prepared for power outages. Finnish electricity retailer Karhu Voima Oy said it had filed for bankruptcy because of skyrocketing electricity prices.
Europe's thermal coal imports in 2022 could be the highest in at least four years and could rise even more next year, analysts said Monday, underscoring the scale of the energy crisis.
According to Noble Resources International Pte Ltd, European steam coal imports could rise to about 100 million tons this year, the highest since 2017, while commodity pricing agency Argus expects supplies to reach a four-year high.
Meanwhile, oil prices fell more than 1 percent Monday under pressure from expectations of lower global demand and a stronger U.S. dollar ahead of a potentially significant interest-rate hike, though supply concerns limited the decline.
