{"id":63403,"date":"2022-08-30T07:03:46","date_gmt":"2022-08-30T12:03:46","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63403"},"modified":"2022-08-30T07:04:11","modified_gmt":"2022-08-30T12:04:11","slug":"european-power-prices-shatter-records-as-energy-crisis-intensifies","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63403","title":{"rendered":"European power prices shatter records as energy crisis intensifies"},"content":{"rendered":"
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European power prices shatter records as energy crisis intensifies<\/a><\/h3>\n<\/div>\n
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P<\/span>ower prices in Europe continue to smash records, intensifying the region\u2019s energy crisis and fanning fears about access to electricity and heating as the weather begins to cool.<\/strong><\/p>\n

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Russia is one of the world’s top producers of oil and natural gas.<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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German power prices for next year, which are considered Europe\u2019s benchmark, briefly jumped above \u20ac1,000 ($999.80) per megawatt hour on Monday before falling back to \u20ac840 ($839.69) per megawatt hour.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\u201cThis is not normal at all. It\u2019s incredibly volatile,\u201d said Fabian R\u00f8nningen, a senior analyst at Rystad Energy. \u201cThese prices are reaching levels now that we thought we would never see.\u201d<\/p>\n

Prices have jumped since Russia\u2019s Gazprom\u00a0announced<\/a>\u00a0that it would shut down the Nord Stream 1 gas pipeline for three days starting Wednesday to perform maintenance work, reigniting fears that Moscow could completely shut off gas to Europe, which is racing to stockpile supplies ahead of the winter.<\/p>\n

When the crucial pipeline went offline for repairs for 10 days in July, many policymakers\u00a0feared it wouldn\u2019t come back<\/a>. When Russia did restart operations, flows were significantly reduced.<\/p>\n

France\u2019s nuclear sector, which provides about 70% of the country\u2019s electricity, is also struggling with lower output, pushing up the country\u2019s energy prices.<\/p>\n

The Czech Republic announced Monday that it would convene an emergency meeting of Europe\u2019s energy ministers in Brussels next week as the region hunts for solutions.<\/p>\n

Businesses are concerned they may have to periodically halt operations over the winter if power is in short supply, while households could struggle to pay soaring heating bills. The fallout could trigger a\u00a0deep recession<\/a>.<\/p>\n

There was some reason for optimism on Monday. German Economy Minister Robert Habeck said the country\u2019s gas inventories\u00a0were filling up<\/a>, and the country won\u2019t have to pay the high prices currently commanded by the market.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/article>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

European power prices shatter records as energy crisis intensifies Power prices in Europe continue to smash records, intensifying the region\u2019s energy crisis and fanning fears about access to electricity and heating as the weather begins to cool. Russia is one of the world’s top producers of oil and natural gas. German power prices for next […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[145,279,281,284,32056,554,588,694],"class_list":["post-63403","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-cnn","tag-eu","tag-europe","tag-european-union","tag-julia-horowitz","tag-natural-gas","tag-oil","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63403"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63403\/revisions"}],"predecessor-version":[{"id":63404,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63403\/revisions\/63404"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}