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Europe Gas, Power Jump as Germany Triggers Emergency Energy Plan

  • Germany is preparing for potential gas-supply disruptions
  • Traders also await details from Russia on ruble payments
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WATCH: European energy prices soared Wednesday as Germany moved to secure gas supplies. Anna Shiryaevskaya reports.Source: Bloomberg
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European energy prices surged as top consumer Germany activated an emergency plan to secure supplies, preparing for a potential disruption to Russian natural gas flows. 

Benchmark gas futures jumped as much as 15% after the German government initiated the first phase of its strategy, signaling the potential for the supply situation to deteriorate. German power prices also rallied. The move comes as Russia plans to tell buyers to pay for its gas supplies in rubles as soon as Thursday, a demand G-7 nations have unanimously rejected.