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European Energy Prices Soar as a Deep Freeze Arrives

  • Power prices surge from France to Germany after EDF’s outages
  • Gas bookings show Russian flows may remain capped in January
A man sits on a bench at Rynok square on a foggy day
Photographer: Mykola Tys/SOPA Images/LightRocket/Getty Images
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Europe is bracing for energy shortages as freezing weather sets in, boosting demand and sending prices surging with no relief in sight.

Temperatures are forecast to fall below zero degrees Celsius in several European capitals this week, straining electricity grids already coping with low wind speeds and severe nuclear outages in France. To make matters worse, Russia is limiting natural gas flows through a major transit route to Germany. The route is set to be only partially used in January.