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Power Prices Hit Fresh Records as Heat Wave Scorches Europe

  • German and French electricity prices touch all-time highs
  • Less Russian gas and French power reductions strain market
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German and French power prices hit record highs as a heat wave bolstered demand, putting pressure on energy supplies ahead of the critical winter period.

While demand and prices typically drop off in the summer, this year a decline in Russian gas supplies during the key stockpiling season -- as well as reduced power output in France -- has underpinned a blistering rally.