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European Power Prices for Monday Rise to Record on Cold Snap

  • Spanish daily power prices rise to a record 339.84 euros
  • French day-ahead surge to highest since rare peak in 2009
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European Power Prices Surge as Deep Freeze Arrives

European daily power prices surged as a swing to colder-than-normal temperatures is set to boost demand on Monday, while France halts more nuclear reactors. 

A combination of colder weather, low wind and nuclear outages, combined with very expensive natural gas prices, saw daily power prices in Spain jump to a record while French equivalent rose to its  highest level since a rare price peak in 2009. With benchmark natural gas prices seen seven times higher than at the start of the year due hampered supplies from Russia, traders are bracing for even higher prices in the coming coldest winter months.