Sustained Winter Blackouts

Russia continues a coordinated winter campaign against generation plants and high-voltage substations, overwhelming Ukraine’s repair capacity in several regions. Ukraine avoids a total grid collapse, but Kyiv, Kharkiv, Dnipro and central oblasts face extended rolling outages and emergency imports from the EU.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.