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German Power Prices Smash Record as Energy Panic Engulfs Europe

  • Nord Stream pipe set for three-day maintenance from Aug. 31
  • Gas settles at record high, while French power, coal surge
Bloomberg business news
WATCH: Germany may consider delaying shutdowns of its remaining nuclear plants as Russia squeezes gas supplies. Birgit Jennen reports.Source: Bloomberg
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European gas and power prices surged as panic over Russian supplies gripped markets and politicians warned citizens to brace for a tough winter ahead.

Benchmark gas settled at a record high, while German power surged to above 700 euros ($696) a megawatt-hour for the first time. Russia said it will stop its key Nord Stream gas pipeline for three days of repairs on Aug. 31, again raising concerns it won’t return after the work. Europe has been on tenterhooks about shipments through the link for weeks, with flows resuming only at very low levels after it was shut for works last month.