European Banks Dim Lights to Prepare for Power Outages in Winter

On Sep 7th, some largest European banks were preparing backup generators and dimming lights for potential power outages and energy rationing.

 As Moscow’s restricting gas supplies to Europe contributed to power shortages and threatened the monetary system, banks were performing stress tests about electricity shortages and seeking alternative solutions such as generators to maintain the normal operation of ATM and online banking. Thousands of JPMorgan’s employees at its European hubs in London and Frankfurt have simulated the blackout, while Italy’s second largest bank, UniCredit, has tested its operational resilience this summer, with its core data centers powered by two independent power stations. French and Italian stock exchanges also said they reevaluated its energy use and had backup generators.

 The regulatory bodies of the European Central Bank are required to develop plans to address the potential power disruptions and long-term electricity supply shortage. In addition, major insurance companies also reduce their energy use.

 Miles Guo previously mentioned in his live broadcast that there might be no supply of gas in Europe half of the time this winter and people might need to change their lifestyle. This would significantly accelerate the progress towards universal access to new energy and digital currency systems.