Natural gas and electricity prices in Europe continued to rise to new highs as Germany entered the “alert” phase of its emergency plan in response to reduced Russian flows and liquefied natural gas (LNG) imports.

Germany’s Robert Habeck, minister for economic affairs and climate action, addressed the move Thursday, warning that impending gas shortages could impact the country’s industry and “shock” consumers.

“We defend ourselves against this,” Habeck said in a translated statement. “But it will be a rocky road that we as a country now have to walk. Even if you don’t really feel it yet, we are in a gas crisis.”

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