From ZeroHedge:
Europe's energy crisis got even worse on Tuesday as a shortage of natural gas, nuclear outages, declining wind power output, and cold weather boosted prices.
The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared 10% to a new record high of 165 euros per megawatt-hour after gas entering Germany at the Mallnow compressor station plunged to zero. Flows were diverted eastward to Poland.
European gas prices hit a record high.
For some context, European NatGas is trading at an oil-barrel-equivalent price of $340 (why aren't more producers shifting?)
Compared to US NatGas, which has traded in an arbitrageable range for15 years, things are out of control...
And all of this as gas flows into Europe plummet.
Russia's Gazprom PJSC has steadily reduced gas flows to Europe as the controversial Nord Stream 2 pipeline had its certification delayed until possibly July. No new flows into Europe are forcing utilities to drain their gas storages (already at seasonal lows). Some utilities have had to restart fossil fuel generators to avoid grid disruption.
The energy crisis worsened in the last several days as France; usually, an exporter of power, has been desperately seeking imports and even restarted fuel-burning generators as the country's top power utility, Electricite de France SA, halted four nuclear reactors accounting for 10% of the country's nuclear capacity, straining power grids as the continent copes with cold weather....
....MUCH MORE
