EU In Panic Mode As Energy Crisis Worsens

Bloomberg: EU to Consider Special Interventions as Power Crisis Worsens 

(Bloomberg) -- European ministers will discuss special measures to rein in soaring energy costs, from gas-price caps to a suspension of power derivatives trading, as the bloc races to respond to the deepening crisis. 

The Czech Republic, which holds the European Union’s rotating presidency, is set to include those tools on a list of emergency intervention options to be discussed at a meeting of energy ministers on Friday, according to a draft document seen by Bloomberg News. 

Europe is fighting to stave off an energy catastrophe that’s threatening to become an economic, social, and even financial crisis too. 

Nordic authorities moved this weekend to bolster the liquidity of utilities struggling with collateral requirements, saying there was a risk of a “Lehman” moment.  

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Update #1: EU must act now on ‘catastrophic’ energy price spike, says European Council chief (The Guardian)  

WNU Editor: Zero Hedge's analysis/commentary is a must read on why current EU attempts to minimize the impact of the energy crisis are going to fail .... As Europe Implodes, It Plans "Radical Intervention" Including Price-Setting, Suspending Derivatives Markets And Europe-Wide Margin Call Bailouts (Zero Hedge).  

Update #2: You know the energy crisis is bad when 1,200 year old pubs are about to go out of business .... 1,200-year-old pub is fighting for survival amid cost of living crisis (The SUN).