Europe Gas Surges 20% as Latest Russia Move Deepens Supply Fears
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European gas prices surged 20% after Moscow’s move to shut a major pipeline ramped up fears of a prolonged supply halt.
Benchmark futures rose toward 300 euros a megawatt hour, also driving up electricity and coal prices to fresh records. The key Nord Stream pipeline will stop for three days of maintenance on Aug. 31, again raising concerns that the link won’t return to service as planned after the works. 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.