Energy

European natural gas surges as Russia plans to shut key pipeline for three days

Continent on tenterhooks about shipments through Nord Stream, with flows resuming only at very low levels after it was shut for works last month

European authorities have repeatedly raised the possibility of a complete shut down of Russian supplies as the Kremlin retaliates for sanctions imposed because of its war in Ukraine. Picture: Getty

European natural gas surged to about 15 times the average summer time price and power smashed through records as the threat of Russian supply cuts ripped through the market and threatened to push the German economy into recession.

Benchmark gas futures rose as much as 21 per cent, while German power surged to above €700 per megawatt-hour for the first time. The key Nord Stream gas pipeline will stop for three days of maintenance on ...