European Power Prices Surge as Germany Decides to Shut Reactors
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European power prices rose, surging to their highest in more than two years in Germany, where the government decided to halt the country’s seven oldest nuclear reactors following explosions at an atomic plant in Japan.
Baseload electricity for the next quarter in Germany, Europe’s biggest power market, rose to the highest price since November 2008. The contract increased as much as 8.75 euros, or 16 percent, to 62.75 euros ($87.23) and was at 61 euros as of 4 p.m. Berlin time, according to broker data compiled by Bloomberg. Baseload is generated and sold around the clock.