Europe’s Power Prices Surge As Market Fears Worsening Supply Crunch

Electricity prices in Europe are soaring again as the market starts to fear that energy shortages this winter would be much larger than expected a few weeks ago. The German power prices for next year, a benchmark in the European electricity market, have surged by 12 percent so far this week and were rising by 2 percent early on Thursday, according to Bloomberg estimates. Europe is grappling with filling gas storage in time for the winter, after Russia slashed supply to major EU consumers, including Germany and Italy, citing “technical…