FOREX: Europe is in a full-blown energy crisis
Power and natural gas prices are skyrocketing I've been warning about this for awhile.
Things have gotten out of hand quickly in Europe and this is going to be a political crisis in short order as people and companies get slammed with heating and energy bills that they can't afford to pay -- at least without digging into broader spending.
In the UK, power prices are at critical levels. They rose after a series of low-wind days.
That's been compounded by natural gas prices and there was a fire at a key electricity station yesterday that shut down a major cable that brings in power from France.
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Update #1: Goldman Warns of Blackout Risk for European Industry This Winter (Bloomberg)
Update #2: European Gas Prices Continue Parabolic Rise As EU Debates Nord Stream 2 Certification (Zero Hedge)
WNU Editor: This is why Russia feels confident that Nord Stream 2 will not be blocked by Europe .... Still no need for Nord Stream 2? European gas prices hit decade high due to shortage of supply (RT).