The EU’s energy agency, Acer, has warned against tearing up the market structure. In a report in April, it said that the EU’s wholesale electricity markets work well under normal conditions, ensuring secure electricity supply.

Gazprom's gas exports to Europe have slumped in 2022, but record high gas prices meant the company was still able to post record revenues and net profit for the first half.

Asked if there are guarantees that Gazprom will restart gas flows via Nord Stream 1, the Kremlin's Peskov said: "There are guarantees that, apart from technological problems caused by sanctions, nothing hinders the supplies."

A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- starts on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.

European natural gas prices on Monday plunged the most since March after Germany said its gas stores are filling up faster than planned.

Europe’s benchmark electricity price has risen to 10 times its decade-long average, in line with a 14-fold increase in the cost of gas, amid fears of shortages this winter.

With Russia squeezing gas deliveries and power-plant outages further sapping supply, pressure is growing on EU leaders to act quickly or risk social unrest and political upheaval.

Bern has been working to build up Switzerland's energy production and storage systems, but even the grand opening next month of a new, powerful pumped-storage hydroelectric plant is unlikely to help avoid problems this winter.

Benchmark Dutch front-month futures fell as much as 16%, partly reversing last week’s jump of almost 40%.

"Today, the Paks II NPP project is taking another leap forward," said Hungary's Minister of Foreign Affairs and Trade Péter Szijjártó. "The construction licence confirms that the project complies with the international and Hungarian safety requirements. It is entirely feasible that Hungary will have two new power units by 2030, thus ensuring the stability of energy supply."

While some countries like Germany, where nearly half the homes rely on gas for heating, are more exposed than others, the European Union is seeking to band together.

UK households will pay almost triple the price to heat their homes this winter compared with a year ago, a jarring increase for millions of people already struggling to afford everyday essentials.

In December, the Netherlands' new coalition government placed nuclear power at the heart of its climate and energy policy.

UK was facing a “catastrophic winter”, telling the BBC that half of all households could fall into fuel poverty without intervention.

Canada is already a global leader in blue hydrogen production, or that produced using natural gas feedstocks paired with carbon capture.