Natural gas, which is used to generate electricity and heat, now costs about 10 times more than it did a year ago. Electricity prices, tied to the price of gas, are also several times higher than what used to be considered normal
LONDON — Energy traders in Europe are witnessing price increases that are hard to fathom. Natural gas, which is used to generate electricity and heat, now costs about 10 times more than it did a year ago. Electricity prices, tied to the price of gas, are also several times higher than what used to be considered normal.
As Russia tightens the screws on flows of gas, the energy markets are locked in a relentless upward climb. This week, benchmark European natural gas prices hit a series of records after Gazprom, the Russian gas giant, said it would temporarily shut a key pipeline to Germany at the end of August — a move that has further stoked market fears.
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