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European Energy Crisis Deepens as Power Prices Reach Records

  • French electricity for next year tops 600 euros for first time
  • Avoiding blackouts requires ‘a lot of preparatory work’: CEER
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European power prices rose to fresh records on Thursday as a heatwave limits energy supplies and wildfires rage across France.

The gains reflect a tight market for natural gas -- used to fuel power plants -- as Russia cuts supplies just as Europe works to replenish stockpiles for winter. A drop in nuclear-reactor output, as well as low wind and hydro generation, has exacerbated the squeeze, raising the specter of intervention to reduce demand.