Europe Plans "Emergency Intervention" In Power Market As All Hell Breaks Loose

With even Zoltan Pozsar warning that Europe faces an apocalypse of sorts now that the Eurussia divorce is complete and energy prices in Europe are hitting fresh daily record highs every single day - just today, German 1Year forward baseload electricity rose above €1000, or 10x where they were a year ago, before easing after European nat gas prices plunged the most since March after Germany said its gas stores are filling up faster than planned ahead of winter...

The European Union appears to have finally realized that it faces an armed revolt this winter, or worse, when millions face freezing cold without power and heat and announced that it was planning "urgent steps" to push down soaring power prices, Commission President Ursula von der Leyen said on Monday.

"The skyrocketing electricity prices are now exposing, for different reasons, the limitations of our current electricity market design,” von der Leyen said in a speech at the Bled Strategic Summit in Slovenia, pointing out what has been obvious for years to those who warned repeatedly that Europe should probably not take make its energy policy based on the idiotic ravings of a self-absorbed, petulant, Scandinavian teenager. “It was developed under completely different circumstances and completely different purposes.”

Ah yes, it's the "circumstances and purposes" that are at fault, not Europe's catastrophic "green" push over the past decade that left the continent at the mercy of Putin, very much as one Donald J Trump warned would happen... and speaking of Putin, maybe Europe can impose a few more self-destructive sanctions on...

Read More HERE