Europe Braces for Bleak Winter as Energy Crisis Deepens

The energy crisis in Europe is hitting factories hard as supply shocks and dwindling stocks push companies to the brink of survival. Bridgnorth Aluminium, a British company, has successfully weathered Brexit and Covid but this winter brings 'additional stress and pressure,' according to sales director Adrian Musgrave.

The price of natural gas has doubled in two months, hitting a three-year high in the UK and EU. This is due to renewed tensions between the US and Iran, which has disrupted global energy supplies since ships were attacked in the Persian Gulf and the Strait of Hormuz was blocked.

Europe's gas stock levels are at their lowest in over a decade as countries failed to replenish reserves during the summer when prices are usually lower. Warehouse capacities are only filled at 67 percent, compared to the seasonal average of around 80 percent.