Europe’s Benchmark Power Price Breaks 1,000 Euros for First Time

Europe’s Benchmark Power Price Breaks 1,000 Euros for First Time

29 Aug    Finance News, Physics

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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(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. 

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