Power and gas prices in Germany more than doubled in just two months, with year-ahead electricity at a blazing 570 Euro per megawatt-hour. Two years ago, it was 40 euros. It’s summer but electric heaters sales are already up 1000 percent and online searches for Firewood are running hot. In the UK — householders are facing bills in the order of £5000 a year — (like $10,000, after tax) people are described as being in “pre-panic mode” already. Some are starting to turn off freezers, giving up toast and showering every second day. Shops and Pubs are closing, consumer confidence is at an all time record low, the most depressed in the last 48 years consumer confidence has been measured for.

European Power Smashes Records as Energy Crisis Intensifies

by Todd Gillespie, Bloomberg

This week’s prices are “unbelievable,” analysts at Energi Danmark wrote in a note. “The rally on the gas and coal market and the very high spot prices we see this week have given the already elevated market further momentum.”

German year-ahead power, a benchmark for Europe, is on a nine-day rising streak. The contract rose 6.1% to a record […]