POWER SHORTAGE IN EUROPE IS NOW MOVING NORTH

As the frontier of Europe’s energy crisis moves north, dwindling water stocks are exacerbating the squeeze in the Nordic region. Nordic power prices were five times higher in September than a year ago. That’s hitting everyone from power-hungry factories and miners, to students struggling with their bills. Inflation is rocketing. Europe’s northern corner can’t hide from the global shortage of natural gas and coal, with dwindling water reserves curbing the region’s most important source of electricity. Sweden is relying on a 52year-old plant that burns oil to keep the lights on and a local utility is trying to convince industrial users to save energy as cold weather draws closer. Norwegian hydro levels are at their lowest in over a decade for this time of year.