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European Energy Prices Soar as Russian Curbs Risk Economic Pain

  • Power in Germany and France hit records, gas extends surge
  • Higher energy costs will worsen a hike in living costs
Updated on

European energy prices surged as Russia tightened its grip on gas supplies, deepening a crunch that’s threatening to plunge the continent’s largest economies into recession.

Electricity prices in Germany and France, Europe’s biggest power markets, surged to a record on Tuesday, as natural gas jumped as much as 21.5% and coal futures for next year hit an all-time high. That’s leaving Europe without vital fuel to keep the lights on at a time when countries race to secure energy ahead of winter.