Energy prices | Electricity costs reached all-time highs in major EU markets.

A worsening power supply problem shuts down markets in Germany and France.

The price of electricity skyrocketed in two important EU markets on Friday, causing the bloc's leaders to convene an urgent conference to resolve the power supply issue that is only getting worse, according to Bloomberg.

On Friday, the French year-ahead contract on the European Energy Exchange increased by about 25% to €1,130 per megawatt-hour. The German counterpart also increased this week by about 70%, jumping as much as 33% to €995 per megawatt-hour, setting a new record.

After Russian state-run energy company Gazprom revealed plans to shut down the lone working turbine on the Nord Stream 1 pipeline due to maintenance work, prices for gas and electricity in the area started to rise last week. The route's gas transit will be

The increase is unavoidably causing inflation across the continent, endangering the budgets of both people and businesses. The likelihood of a recession and the region's anticipated winter energy constraints are both made worse by the most recent news.

Due to the shutdown of many gas turbines, the Nord Stream 1 gas pipeline has only been utilized 20% of its maximum capacity since late July. Due to Canadian sanctions on Russia for the conflict in Ukraine, one of them was sent to Montreal for maintenance and ended up getting stuck there. Ottawa granted the turbines an exception at Germany's request in July and dispatched one of them, but Gazprom refused to accept it because of problems with the paperwork.

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