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Key European Power Price Doubles in Two Months as Crisis Deepens

  • German and UK day-ahead prices also soar to record highs
  • Governments are under pressure to ease burden on households
Updated on

European power prices jumped to a fresh record as natural gas extended gains, deepening the energy crunch that’s threatening to plunge the region into a recession. 

Next-year electricity rates in Germany advanced as much as 3.7% to 477.50 euros ($487) a megawatt-hour on the European Energy Exchange AG. That’s almost six times as much as this time last year, with the price doubling in the past two months alone.