Siberian chill coming to Europe sends energy prices surging

Energy prices soar as a rare weather event is expected to bring freezing temperatures to large parts of Europe. When the same weather event happened in 2009 there was not enough gas, says analyst.

Photo: Marinvest

A rare weather event in the Arctic that is expected to bring freezing weather back to swathes of Europe has spurred jumps in energy prices.

Prices for electricity, natural gas, coal and carbon rose across the region as colder weather is set to increase demand for heating. The chillier outlook is because of a weather event called sudden stratospheric warming, where the polar vortex of westerly wind is slowed down or reversed, pushing cold air flows from Russia west across Europe.

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