As Russia stops the continent’s gas supply, European banks are implementing energy-saving measures. Banks are cutting down on energy consumption and giving employees “cycling days” off from work.
Russia stops the gas supply to Europe in the form of pipeline Nord Stream 1, it says that until sanctions are lifted, they will not reopen the natural gas.
Global banks around Europe have started to cut back on energy consumption to get ready for rationing and power cuts by winter.
There were power-outage simulations at JPMorgan’s European locations. The bank is also prepared for a period of days where it will use diesel generators in some places if the situation gets worse – a person told Reuters about the bank’s plans.
JPMorgan declined to comment on how the Russian sanctions will effect their energy usage.
The German bank has turned off hot water in bathrooms, and taken other proactive measures to reduce energy consumption.
Some companies are turning off their lights at night and reducing unnecessary energy use during the crisis. Zurich told Insider that if the crisis grows worse, they’ll have to shut down certain offices, like the gym and open only specific floors of their company.
Euronext, the company that owns most of the European exchanges, has generators and has re-evaluated their usage due to recent war.
One of Italy’s largest banks, UniCredit, has a two independent power stations that could power their two data centers for some time, a source told Reuters.
A source close to France’s largest bank, BNP Paribas, said that the bank is taking steps to protect themselves from potential supply cuts.
JPMorgan, Zurich and other companies in this article didn’t respond to requests for comment.
In an effort to avoid power shortages, European governments have urged the residents to spend less time in private pools and saunas. The German government has also implemented measures to restrict energy usage from those sources.