Europe On Edge Of Energy Disaster

 

Bloomberg: Power Surges to Record as Europe Scrambles to Keep Lights on 

(Bloomberg) -- Electricity prices surged to a fresh record as Europe scrambles to keep the lights on in France, the region’s second-biggest market. 

France, usually an exporter of power, is boosting electricity imports and even burning fuel oil. The crunch comes after Electricite de France SA said it would halt four reactors accounting for 10% of the nation’s nuclear capacity, straining power grids already coping with cold weather. 

A total of six oil-fired units where turned on in France on Tuesday morning, according to filing with Entsoe. “It’s illustrating how severe it is when they’re actually starting to burn fuel oil and importing from all these countries,” said Fabian Ronningen, an analyst at Rystad Energy. 

“All the unexpected maintenance is also causing extremely high cost of supply, which is reflected in the market prices.”  

Read more ....  

Update: Europe On Edge Of Energy Disaster As Power Prices Smash All Records (Zero Hedge)  

WNU editor: And today is "officially" the first day of winter. 

The biggest winner in this crisis is Russia's Gazprom, enjoying the envious position of record profits while exporting less natural gas .... Russia’s Gazprom reports record earnings amid global gas crisis (The Guardian).

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