European Power Prices Climb to Year High on Sanctions Threat
- Risk of further energy embargoes, war concerns buoying prices
- German power for 2023 rises to record level for that contract
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Power prices across Europe surged with rising natural gas and coal markets as the European Union prepared further energy sanctions against Russia.
German next-year electricity, a benchmark for European power rates, rose to the highest level this year, while French, U.K. and Nordic prices climbed. As the EU plans to ban Russian oil over the next six months, traders are also watching Russia’s celebration next week of its World War II victory for more clues on how the war with Ukraine will develop.