Europe energy crisis worsens with war risk compounding gas woes

Europe's energy crisis intensified as the risk of war pushed up gas prices, power-plant halts were extended and the French government asked its biggest utility to take a $8.8 billion hit to protect consumers.

The Nord Stream 2 gas receiving station in Lubmin, Germany, on Nov. 12, 2021. Foto: Bloomberg photo by Krisztian Bocsi.

Power and gas prices surged on Friday with the prospect of military action in Ukraine increasing as geopolitical tensions escalated. Meanwhile nuclear giant Electricite de France sank the most on record after the government said it must sell power at a steep discount, and several reactors faced long outages.

"The risk of a potential new war in Ukraine and the effects this could have on the gas market continue to cause a lot of uncertainty," analysts at Energi Danmark said. "German power climbs due to the news about reduced nuclear power production in France."..

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