A European heatwave is squeezing power supply: UK grid operator issued a rare summer power-supply warning (London approaching 35°C), France is curtailing nuclear output, European energy prices soaring. Mechanism: a domestic-energy spike that is inflationary for the eurozone and complicates the ECB disinflation narrative even as crude (CL) falls — partially offsetting the oil-deflation thesis for Europe; adds a supply-side squeeze to the Burnham-transition UK backdrop. Bears on 6E (marginal EUR growth headwind / sticky core), ZN (cross-market rate-vol via European inflation), with a natgas-bounce risk if heat persists.