Not far from Berlin’s Tempelhof airport, Peter Engelke is putting up a new security gate at his warehouse because of concerns about desperate people pilfering his stock. The precious asset at risk is firewood.
Engelke’s actions reflect growing anxiety across Europe as the continent braces for energy shortfalls, and possibly blackouts, this winter. The apparent sabotage of the Nord Stream gas pipeline is the latest sign of the region’s critical position as Russia slashes supplies in the standoff over the war in Ukraine.
At a summit in Prague on Friday, European Union leaders fell short of agreeing on a price cap for gas amid concerns that any such move could threaten supplies to the region. As much as 70% 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.
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Prices for wood pellets have nearly doubled to 600 euros a ton in France, and there are signs of panic buying of the world’s most basic fuel. Hungary even went so far as to ban exports of pellets, and Romania capped firewood prices for six months. Meanwhile, wood stoves can now take months to deliver.
Read more: Bloomberg
