FIRST AIRED: December 12, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program
0:00
0:00
More Info

COMING UP:Share Opener Variant 1

×

Transcript

00:00:00
>> An explosion at Austria's main gas pipeline hub has caused problems across Europe. One person was killed and 18 others injured in the blast Tuesday morning. Within hours, Italy had declared a state of emergency due to a lack of gas supplies. Gas Connect Austria, which operates the hub, said the blaze has been brought under control.
00:00:18
And police added that the course was technical in origin. But, the Baumgarten site in eastern Austria near Slovakia, is a major regional transfer node, taking natural gas from as far away as Russia, and pumping it towards neighbors, including Germany and Italy. Italy's state of emergency gives the government the right to use extraordinary measures, including allowing coal and oil power plants to fire at full blast.
00:00:41
The country's seeing wholesale gas prices surge 97% to 47 Euros per megawatt-hour. Its highest recorded level. And the problem is being felt far beyond Austria's immediate neighbors. In Britain prices soared 40% to a four year high. It was already facing supply shortages after the shutdown of a North Sea pipeline for repairs.
00:01:01
Concern across the region now, that there could be too little gas to go around. Bad news as the continent plunges into the first cold snap of winter.