German Power for next year, the European benchmark, broke through 1,000 euros ($993) for the first time as the region’s energy crisis intensifies.
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Aug 29, 2022 • 8 minutes ago • < 1 minute read • Join the conversation
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(Bloomberg) — German Power for next year, the European benchmark, broke through 1,000 euros ($993) for the first time as the region’s energy crisis intensifies.
The move comes after a chaotic Friday when prices in Germany and France surged more than 25% as Russia constricts the supply of natural gas. France is also suffering from a slump in nuclear power generation.
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German power for 2023 rose as much as 6.6% to trade at 1,050 euros per megawatt-hour at 10:19 a.m. in Berlin.
The equivalent French contract surged above the 1,000-euro level on Friday.
