European energy prices extended their blistering rally as the region-wide supply crunch showed no sign of easing, prompting the European Union to pledge swift action to protect the economy.
Dutch and U.K. gas futures have jumped 60% in just two days, hitting fresh records along with surging power as EU lawmakers debated the crisis. EU energy chief Kadri Simson said the bloc plans to revise gas-market rules by year-end to prevent soaring energy costs from stifling the economic recovery.
EU Vows Swift Action to Prevent Energy Crisis Hurting Recovery
Global gas and coal markets have tightened just as the heating season starts in the northern hemisphere, with limited supply failing to catch up with rebounding demand.
