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German Benchmark Power Climbs Above 100 Euros for First Time

  • Soaring gas, carbon permit prices push up electricity costs
  • Germany relies on fossil fuels for a third of its electricity
German front-year power breaches 100 euros for first time
Updated on

Europe’s benchmark power price traded above 100 euros ($118) per megawatt-hour for the first time, boosted by the soaring costs of other energy commodities. 

German electricity prices for next year have almost doubled in 2021, as global energy demand picks up and a gas supply crunch pushes the power-plant fuel to record highs. At the same time, coal reserves at European ports are at the lowest for this time of year since 2016, helping drive prices to the highest in a decade.