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.
![A traffic light marks the entrance to the Jaenschwalde open-cast lignite mine in Grieen, near the Jaenschwalde lignite-fired power station in Jaenschwalde, Germany, on Thursday, Oct. 28, 2021. The G-20 is meeting in Rome this weekend right before COP26 in Glasgow, the United Nations gathering that aims to set specific goals to wean nations off coal and other noxious substances for good. Photographer: Krisztian Bocsi/Bloomberg](https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2022/08/775730798.jpg?quality=90&strip=all&w=288&h=216)
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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.