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Pressure on Industry as EU Power and Gas Prices Soar

ENERGY

A comparison of European power, gas, oil and coal shows the risk premium in gas and power markets as nations prepare for a tight winter.

  • German and French power prices along with TTF gas have set new record highs again today as prices soar on tight supply.
  • Fears for a complete halt in Russian gas supply combined with the impact of the summer drought are driving European energy market higher and putting pressure on consumers and industry. Energy intensive industries across Europe such as fertilizer producers and chemical companies are suspending production due to high prices.
  • The graph below shows European energy prices converted into USD/BOE:

Source: Bloomberg

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