Europe’s Power Prices Surge To New Record

Year-ahead electricity prices continue to soar in Europe, with German power prices, the European benchmark, jumping to over $508 (500 euro) per megawatt-hour on Tuesday amid low Russian gas supply and a heatwave constraining supply and output from other fuel sources.   Over the past year, German power prices have soared by around 500%, according to Bloomberg’s estimates. Power prices in France and the Nordic countries also hit fresh records at the start of this week as nuclear power generation in France is lower than usual, while…