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Europe’s Energy Crunch Threatens Recovery as Prices Hit Records

  • Soaring prices threaten to shut down industries across Europe
  • France, a power exporter, is burning oil to keep lights on
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WATCH: There will be no respite for European gas consumers any time soon, says analyst Amrita Sen.Source: Bloomberg
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This year’s energy crunch is threatening to derail Europe’s economic recovery as gas and electricity costs soar to fresh records.

Prices surged more than 20% on Tuesday after Russia curbed gas flows to Europe and France, usually a power exporter, was forced to boost electricity imports and burn oil to keep the lights on. Higher costs have forced some companies to shut down or curb output, while inflation in the euro zone climbed to an all-time high last month.