Europe’s energy crisis is deepening as Russia further limits exports of natural gas, forcing governments to spend billions to protect businesses and consumers from soaring bills
London Europe's energy crisis is deepening as Russia further limits exports of natural gas, forcing governments to spend billions to protect businesses and consumers from soaring bills as the region slides towards recession.
European benchmark natural gas prices spiked 28% on Monday morning to hit €274 per megawatt hour — the first day of trading after Russian energy giant Gazprom halted flows through the vital Nord Stream 1 pipeline indefinitely, claiming it had found an oil leak in a turbine. Last year, the pipeline delivered about 35% of Europe's total Russian gas imports.
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