Wholesale gas prices up 15% as Germany plans for war disruption

Russian President Vladimir Putin ordered his government, the central bank and the state-run exporter Gazprom to prepare all necessary documents for the switch in payments to roubles by March 31. Picture: AP

European energy prices surged as top consumer Germany activated an emergency plan to secure supplies, preparing for a potential disruption to Russian natural gas flows.

Benchmark gas futures jumped as much as 15% after the German government initiated the first phase of its strategy, signalling the potential for the supply situation to deteriorate. German power prices also rallied.