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Energy Crunch Strains European Budgets With Risks Beyond Winter

  • Power and gas prices surge to records on supply concerns
  • EU leaders will discuss energy crisis at summit this week

Europe’s energy crunch is straining budgets as governments boost spending to help consumers and companies weather a spike in heating and electricity costs that risks extending beyond the winter.

Record-high power prices have quickly become one of the continent’s biggest political challenges, with European Union leaders, who’ve already spent big on pandemic stimulus, set to discuss the issue again at a summit on Thursday.