Winter is coming for Europe's energy market

Concerns over the cessation of natural gas supplies from Russia are having a profound impact on European energy prices. The one-year forward rate for the Title Transfer Facility (TTF) - the virtual trading point for natural gas - in Europe has risen nine times since last Spring. This in turn is impacting the outlook for industrial production and driving recession fears, which is filtering down to equity and debt markets. Natural gas is used to heat about half of European households and powers a big share of industry. Despite considerable investment in renewables they still represent less...