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European Energy Prices Plunge as EU Plans to Intervene in Crisis

  • Commission is seeking ways to decouple gas, power costs
  • Nord Stream link set to halt for maintenance on Wednesday
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WATCH: Engie says it has been informed by Russian energy giant Gazprom  of a reduction in gas deliveries starting Tuesday.Source: Bloomberg
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European energy prices plunged on signs that the region is stepping up efforts to curb a crisis that threatens to tip the region into recession with winter approaching.  

German power for next year settled 20% lower, and Dutch natural gas fell as much as 11%. Both benchmark contracts extended losses from Monday, after surging to records last week.