Plunging prices — after a meteoric rise — show how the fallout from Russia's invasion of Ukraine has broken Europe's energy markets.
The juxtaposition of cratering prices, just as Europe's biggest supplier of gas turns off the taps, underscores how Europe's market-based energy system has been fundamentally broken amid the fallout from Russia's invasion of Ukraine.Last week prices rose an astonishing 40%. As of now, they're still more than 10 times higher than they were at the start of 2021.
Russia says the latest supply cut-off is for maintenance purposes. Few believe it. The pipeline has been running at just 20% capacity of late.European regulators say they're going step in and take action, likely imposing some sort of price controls.The skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design. It was developed under completely different circumstances and for completely different purposes.
She said the Commission is "now working on an emergency intervention and a structural reform of the electricity market."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Holding Russia to Account for War Crimes in Ukraine'Part of the lesson of our work is that we will not let history be rewritten.' In Ukraine, janinedigi works to collect evidence of Russian war crimes that might stand up in court against Putin and his armies.
Read more »
Russia halts gas flows to Europe via Nord Stream 1 for maintenance worksIt is expected that gas flows via Nord Stream 1, which runs from Russia to Germany via the Baltic Sea, will be suspended from Aug. 31 through to Sept. 3.
Read more »
Live blog: Russia halts gas supplies in new jitters for EuropeUkrainian President Volodymyr Zelenskyy urges Russian troops to flee for their lives after his forces launch an offensive to retake southern areas, but Moscow says it has halted the attack, as fighting goes into its 189th day.
Read more »
Europe nervous as Russia begins temporary halt of gas flow through Nord Stream 1The Russian state-controlled energy giant said earlier this month that it would the cut the flow of gas through the Nord Stream 1 pipeline until Saturday.
Read more »
Russia halts gas through major pipeline, citing maintenanceRussia’s Gazprom has halted the flow of natural gas through a major pipeline from Russia to Europe, a stoppage that it announced in advance and has said will last three days
Read more »
Expect Nvidia and AMD stock to continue downtrends after government forbids sales to Russia, ChinaThe US halts both AMD and Nvidia from selling premium chips to China, Russia. $NVDA stock is down nearly 5% in Thursday's premarket. $AMD stock is also down close to 4% by claymarkets stocks trading
Read more »