☰
HomeLiving Beyond BordersGZERO WorldSignalIn 60 SecondsPuppet RegimeGZERO World PodcastContact UsAbout UsCareersPrivacy PolicyTerms

The Graphic Truth: Natural gas prices make EU power costs soar

September 07, 2022
Carlos Santamaria
and
Ari Winkleman
The Graphic Truth: Natural gas prices make EU power costs soar
Ari Winkleman

EU natural gas prices have gone through the roof since Russia invaded Ukraine and cut off gas flows. This has sent European electric bills soaring — to the point that Brussels is ready to intervene in energy markets to protect consumers.

Some of the ideas being thrown around are a cap on the price of Russian gas to deter President Vladimir Putin from messing with the Nord Stream 1 pipeline as pushback for sanctions; a ceiling on the price of all gas used to produce electricity; a windfall tax on all energy firms to pay for consumer subsidies; and a limit on what non-gas producers can earn beyond a market price of 200 euros per MWh.

These measures aim to curb power prices and boost gas supplies before the winter, when Europeans will need more power to heat their homes. But will they be enough to fix the bloc's energy crunch before angry, cold EU residents start blaming their governments?

We compare two benchmarks for the bloc — German spot electricity prices and Dutch gas futures — over the past year.

From Your Site Articles

More from GZERO Media

South Korean authorities seek extension to Yoon arrest warrant

U.S. Secretary of State Antony Blinken holds a joint press conference with South Korean Foreign Minister Cho Tae Yul following their talks in Seoul on Jan. 6, 2025.

Kyodo via Reuters

South Korean anti-corruption authorities sought an extension of their warrant against impeached President Yoon Suk Yeol on Monday after failing to arrest him on Friday.

Hard Numbers: Congress certifies Trump’s win, Nippon Steel sues Biden, Venezuela jails foreigners, Congo readies mass execution, Dolphins die after Russian oil spill

U.S. Vice President Kamala Harris affirms the certification of Donald Trump's election, next to Speaker of the House Mike Johnson (R-LA), during a joint session of Congress to certify Trump's election, at the U.S. Capitol in Washington, U.S. January 6, 2025.
REUTERS/Evelyn Hockstein

0: There were zero incidents, disruptions, or objections as the US Congress on Monday officially certifiedDonald Trump’s victory in the 2024 election.

Biden bans offshore drilling, and Trump’s hands are tied to stop it

An aerial view of an oil tanker and storage tanks at Exxon Mobil’s Beaumont oil refinery, which produces and packages Mobil 1 synthetic motor oil, in Beaumont, Texas, U.S., March 18, 2023.

REUTERS/Bing Guan

With just 14 days left before he hands over the keys to Donald Trump, Joe Biden has banned offshore oil and drilling along almost the entirety of the US.

Trudeau steps down, and a leadership race kicks off

Canada's Prime Minister Justin Trudeau speaks to reporters, announcing he intends to step down as Liberal Party leader, from his Rideau Cottage residence in Ottawa, Ontario, Canada, on Jan. 6, 2025.
REUTERS/Patrick Doyle

On Monday morning, Jan. 6, Canadian Prime Minister Justin Trudeau announced his plan to resign.

Justin Trudeau: The rise and fall of a political golden boy

Canada's Prime Minister Justin Trudeau speaks to reporters, announcing that he intends to step down as Liberal Party leader and prime minister from his Rideau Cottage residence in Ottawa, Canada, on Jan. 6, 2025.
REUTERS/Patrick Doyle

On Monday, Jan. 6, the Canadian PM announced his plan to resign as Liberal Party leader. After the shock resignation of Finance Minister Chrystia Freeland on Dec. 10, the dominoes began to fall. With the looming threat of a non-confidence vote when Parliament resumes this month, three of the four Liberal regional caucuses demanded that Trudeau quit, and with a general caucus meeting set for this Wednesday, Trudeau finally decided the odds were insurmountable.

About UsCareers PressContact Us Privacy PolicyTerms of Use
© 2020 GZERO Media. All Rights Reserved | A Eurasia Group media company.