Europe Power Prices Set to Climb Even Higher After Record Month
- Soaring natural gas prices driving up electricity costs
- German, French power prices set to end year on a high
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European short-term power prices surged to the highest levels on record in July and are set to rise even more, heaping more pressure on consumers already struggling with runaway energy bills.
German power for August is trading at 385 euros ($394) per megawatt-hour, a 23% increase on the daily average for this month on the Epex Spot exchange. In France, where power prices are even higher, next-month’s futures indicate a 17% increase from the average day-ahead rate for July.