Norway draws up plans to slash energy supplies to Europe, driving power prices to record highs
Norway has drawn up plans to slash its electricity exports to Europe, adding to the pressure on the continent's governments as they grapple with an energy crunch.
Power prices hit a record high on Monday after Norway announced the likely cuts. German baseload year-ahead power, the European benchmark, rose to a record high of 415 euros ($425) per megawatt hour on Monday before paring gains slightly on Tuesday.
Norway's hydroelectric reservoirs are running low after a prolonged period of dry weather in Europe, and the government is facing anger over rising electricity prices.
The country's oil and energy minister, Terje Aasland, said on Monday the government had to act to ensure Norway could keep producing electricity throughout the winter.
https://www.msn.com/en-us/money/markets/norway-draws-up-plans-to-slash-energy-supplies-to-europe-driving-power-prices-to-record-highs/ar-AA10sQue