Wholesale electricity for January in Germany is trading above €180 a megawatt hour on the European Energy Exchange, more than 60% higher than a year ago. Natural gas competition and the closure of the Strait of Hormuz, which blocked Qatar shipments during the Iran war, are the primary drivers of the winter power surge. The current market conditions mark the strongest warning for the region since the previous energy crisis.
Tuesday, October 20, 2026
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EU Debates Bloc Wide Windfall Tax Following 100% Jet Fuel Price Jump
Commodities31 days ago
Finance ministers in the European Union are evaluating a levy on oil and gas firms to offset record costs for consumers. The proposed bloc wide windfall tax aims to address public anger after gas prices rose 24% year over year, diesel climbed 38%, and jet fuel increased more than 100%. These figures represent part of the worst energy crisis in the region's history, pressuring leaders to contain mounting discontent.
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