Gazprom's Power of Siberia project. File photo: REUTERS/MAXIM SHEMETOV
Gazprom's Power of Siberia project. File photo: REUTERS/MAXIM SHEMETOV

Bury the hatchet

The Kremlin’s ambassador to the EU has called on Europe to mend ties with Moscow to avoid future gas shortages, but insisted that Russia had nothing to do with the recent jump in prices. Vladimir Chizhov said he expected Gazprom, the state-controlled exporter that supplies 35% of European gas needs, to respond swiftly to instructions from President Vladimir Putin to adjust output. "Change adversary to partner and things get resolved easier … when the EU finds enough will to do this, they will know where to find us."

Financial Times

DOMINO EFFECT: Analysts at Moody’s say the ructions in China’s energy markets could disrupt supply chains across the Asia-Pacific region, which would also increase prices along the chain. Picture: Bloomberg/Qilai Shen
DOMINO EFFECT: Analysts at Moody’s say the ructions in China’s energy markets could disrupt supply chains across the Asia-Pacific region, which would also increase prices along the chain. Picture: Bloomberg/Qilai Shen

Power nightmares

Chinese coal futures rose to record levels as floods shut dozens of mines and displaced more than 100,000 people, throttling the country’s main source of the fuel for electricity and compounding a global energy crisis. Price volatility in global energy markets has sent countries scrambling to procure power supplies at ever-higher costs, while China’s policy confusion over its green energy goals has worsened its power shortages.

Financial Times

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