German Power Hits a Fresh Record as Energy Crisis Heats Up
- Benchmark price is more than five times higher than a year ago
- Heat is driving electricity demand and choking its supply
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Benchmark German power prices rose to a record, with an ongoing heat wave and drought set to severely restrict one of Europe’s key waterways for shipping energy supplies.
The blistering summer heat is adding stress to Europe’s energy system while Russia limits exports of gas to the continent. That’s set to hit the finances of households and businesses across Europe, a crisis that will only intensify as energy demand rises during winter.