also coming up hong kong leader says he wants to try the world for international talent to help revamp the financial hobbs economy. we'll talk to our correspondence about how the cities dealership wants to go about it. and we'll go to the u. k. where chimney sweeps on high demand as written on reactivating, their fireplaces emit horrendous energy. com. i'm chris kolber. welcome to the program liquefied natural gas is to provide europe's energy security in the coming winter amid the war and ukraine. russia isn't delivering the gas. it used to and trying to make itself independent from putin. fossil fuel deliveries. e countries have been buying a lot of ellen g from the middle east, or the united states a times are bidding countries that are also heavily banking on liquefied natural gas like india, pakistan or myanmar. but now there are more than $35.00, l and g, lead and vessels drifting off the coast of spain and around the mediterranean.

spain has 6 terminals in total and has around half the re gas if occasion capacities of the entire european union. now spain's national gas grid operator already said that it may have to reject on loads of energy due to over capacity at its terminals. well formed us let's bringing james waddle. he's a senior gas analyst at the consultants, the group energy aspects. welcome to the w. james, so as there seem to be, you know, a over capacity at these terminals in spain has europe bitten of more than it can chew when going around the world and buying all those natural gas. but what we're trying to do in europe is to make a pipeline grid that was designed to function from the east to the west function in of us to be historically we always use to get lots of rush and gas coming in from

the east and filtering through germany in western europe, and that was the source of gas supply. and you've had the short for that much gas. we been basically pushing the gas had high enough that those are the highest value markets in the world. and that has been tracking not spending chicago to come in and off load, but the pipeline congestion within europe going from west to east is just such to the extent that we have to basically put energy on the, on the, on the storage outside of these terminals. waiting for a moment when they can actually unload into the pipeline grid and send the east. and we have constraints on both the spanish board and northbound into france. we have constraint on the french border into germany, which limit that ability to absorb that energy of the same time. also we've been very successful filling our storage. and as you fill up your storage, what happens is you've got less injection capacity as you approach full. and so

that means that there isn't that space to put a lot of the gas and it's not right. we get into the proper heating season in november, december, january. that will start bill to absorb more gas and actually bring it into the grid. james, how likely is it that these vessels will go and take this ellen gee, to other countries around the world? the demand is there. well, right now, the price is signaling a huge contract, meaning very low from prices and then much higher prices further. further on for wind delivery in europe. so a lot of it is going to stay, you know, as storage where, you know, you're just gonna wait for a month. the cost of waiting per month is about $5.00, and then b t u and the spread between the prompt contracts and those that are in the mid december, it's about 20. so there's still an economic rationale to keep that in g. supplies on tank outside of europe, but yes,

we often see new buying interests from some of the countries you mentioned at the start there in the in deer and the market in asia coming back into the market for spot congress because it is not competitive for bidding progress away. so james, in brief for producers of allen g, it actually pays to have these vessel sitting outside outside the port waiting fire prices. we've had a huge exposure in the cost of a he transferring a vessel. so those, those costs are he holding l g on vessels for 30 days or 60 days are very high historically. but the spreads between prices right now and prices for delivery, and one or 2 months are so big right now that she does make sense is to keep the energy sitting outside of your games. what will the consulting group energy aspects, james? thank you for your thoughts. hawkins leader made his 1st policy

address on wednesday after taking office earlier the summer. one of the biggest challenges that he is executive john lee currently faces is how to bolster the cities competitiveness, turbulent pro democracy protests. a subsequent track down from the chinese national government and strict coven 19 protocols have resulted in hong kong losing its status as a financial hub to rivals like singapore. now, among mister lee's priorities for the city attract new towns. i deal on gunter for me over the past 2 years, our local work or is it frank by about 140000 who george subs apart from actively nurturing and retaining local talents. the government will pro actively control the world for talents of law, oil for more. let's cross over to taipei and dw correspondent pound wang power and hong kong chief executive wants to bolster the cities competitiveness. how does he

want it attract the overseas talent? he feels as necessary for that yes. so chief executive to john lee said the government will launch the office for a charting strategic enterprises called were firms to hong kong with the land and tax incentives. and li also said they will launch a top tell him, pass the game to entice talent to pursue their career in hong kong. and the plan will offer applicants a 2 year visa without getting any job offer. and the visa will be granted before they arriving in the city. and the program is an atom hi earns and as well as recent graduates from the a worst top 100 universities. the hopes this will save their shrinking workflows in hong kong inc, while so much for the plans, but how much of a problem could it be then that mr. lee also said that more security laws are currently being explored when it's these policies and beijing scroll control over

political freedoms that have been driving many people out of hong kong. yes, a hong kong now has lost thousands of residents. since the pandemic started worth in a brain drain from the international financial hub and now and ongoing political crackdown and diminished freedoms following the implementation of strict national security law, cause the mass exodus of residence. we have seen that in record high, you know, school back of things and also our pension balance with the draws. so this is really a, a problem for, for them. and but lee also reject the use of turns or immigration waves to describe hong guns are declining population. he said residence leave for a variety of factors including education and you know, family reasons. dw correspondent, pound weighing in taipei pollen. thank you. and now to some of the other global

business stories making news, the co c o of south korea's biggest mobile messenger cal talk has publicly apologized after a fire fire at a data center last we can lead to a mass outage, disrupting cellphone services for 53000000 users, lanchen one said he will resign. indonesia has announced plans to build a new capital city to be named. loosen tara on the island of borneo. the government says it will offer a 30 year tax break for companies investing in the $32000000000.00 project. construction of a dam and roads have already begun at the site. the australian government has announced plans to expand its renewable energy sector. the country will build renewable energy zones, wind and solar, prox projects and under c, electricity interconnect to bring more clean energy to the national grid. that prime minister antony albany. these center left government one power earlier this

year. promising climate reforms in britain, the biggest jump and food. this is since 1980 pushed inflation back into double digits last month, matching a 40 year high hid in july. it's the latest blow for households grappling with a cost of living crisis and the new finance minister, jeremy hans warning or future. i watering cuts as he put it, isn't likely to conference. who in response to spiking prices have been turning to traditional ways to keep their homes warm. ah, jack parrot balances on the roofs of had been bridge. he's never been as busy as he is right now. his task is to prepare the old chimneys for everyone who plans to start using them again. the lid here is to keep birds from nesting inside the chimney. ah, nearly every customer is saying they're going to use the thermos here. ah,

it took us in this case, stoves and fireplaces will be helping warm homes again, since the beginning of the month, energy prices in the u. k. has been kept. still heating with gas is 3 times as expensive as it was last year. i just, i saw her last good a ways this is why sarah k had her of been refurbished by jack recently. she's already been relying on it. so today jack came to clean it the put me to 2 hours a day and the wood bed, you know, for the day and the heat rises, and it's kept the house with them. so i've kept my fieldstone. for sarah, the effect is noticeable. her heating costs have stayed almost the same. that's a success in itself. she now pays mainly for electricity and hot water would, however, can sometimes be free. free would because if you come coldly mad then you'd have to

talk. but how would she, chuck, you know, you, you pay for coal, but she'll just looking and getting wood from nature, from the woods, from the ground. he's free burning all that would is not good for the environment, but the need to save money seems more prominent than climate awareness for some people right now. the desperation in the u. k is growing even with the price cap. the bills are hefty demonstrations like this recent one in london have been seen in every major city. even though britons don't typically tend to protest. yeah, i'm reluctant to put my heating on on, on a very high wage. and a lot of people, my family friends, they're very worried that they won't be able to pay their bills. we've been badly paying uh bill is as it is. and now that we have to consider putting on all heating

and i've done that actively. i've changed, i've stopped choosing the boiler where i can for now sarah will continue to collect wood with her son. after it's been sufficiently dried, it will be one less thing. she and her family have to worry about this winter. ah, that's a show for now for more news and background information. check out our website at the d. w dot com slash business on chris culver and berlin from me and the entire team. thanks for watching. have a successful day with

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