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

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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By Vanessa Dezem and Todd Gillespie

August 30, 2022 at 7:32 AM UTC

Updated on

August 30, 2022 at 4:56 PM UTC

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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.