Germany’s Power Prices Hit Record-High As Utilities Limit Output

Germany’s year-ahead electricity prices hit a record high on Friday after several utilities across Europe warned of lower power supply due to hot and dry weather that affects nuclear and coal power generation.  The price of electricity in the biggest market in Europe, Germany, rose by 2% early on Friday to a record $419 (410 euro) a megawatt hour (MWh), per Bloomberg estimates. More and more utilities in Europe are looking to switch to fuels other than natural gas because of sky-high prices and uncertainty in Russian supply as the continent…