Bitter Cold Means Chaos as Global Energy Systems Show Strain
- Power and gas prices spike to records across global markets
- More cold weather from the Arctic possible from end of January
Heavy snowfall covers cars parked in Madrid, Jan. 9.
Photographer: Paul Hanna/BloombergThis article is for subscribers only.
Freezing weather that’s sweeping the northern hemisphere is causing chaos in energy markets and damaging infrastructure with households from Japan to Pakistan and France being asked to curb their electricity use.
In Asia, extreme cold prompted record-high power demand and a scramble for natural gas to keep the lights on in China, Japan and South Korea. In Sweden, a utility is paying for hotels for its customers after heavy snow brought down sections of the power grid cutting supplies while French households were advised to delay doing their laundry to save energy.