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European Power Hits Records as Plants Start to Buckle in Heat

  • Axpo, Uniper, EDF, among utilities curbing power output
  • Germany, French power for next year at record levels
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Benchmark power prices in Europe hit fresh records Friday as utilities are increasingly reducing electricity output in western Europe because of the hot weather. 

Next-year contracts in Germany and France, Europe’s biggest economies rose to new highs after Switzerland’s Axpo Holding AG announced curbs at one of its nuclear plants. Electricite de France SA is also reducing nuclear output because of cooling water restrictions, while Uniper SE in Germany is struggling to get enough coal up the river Rhine.