European Power Prices Jump on Low Wind, Rising Russia Tensions
- Low wind output forces utilities to ramp up fossil fuel usage
- Russian movements near Ukraine add to fears of gas shortage
Less wind forces utilities to burn non-renewable sources of energy.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
German power prices for Tuesday jumped to their highest in more than a month as output from thousands of wind turbines across Europe’s biggest market plunged.
Near-term rates are now trading at their highest since the all-time-high in December, leading to record energy bills for companies and many millions of homes across the continent. Governments from France to Italy have announced measures of how to compensate households just as living costs are soaring.