European Power Prices Reach Records as Industry Starts to Buckle
- Nyrstar becomes latest firm to cut production amid cost crisis
- Gas prices also rise, reaching highest level since early March
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Europe’s benchmark power price surged above 500 euros ($509) for the first time, ratcheting up pressure on households and businesses as the worst energy crisis in decades looks set to persist well into next year.
German year-ahead electricity rose as much as 11% to 530.50 euros a megawatt-hour on the European Energy Exchange AG. That marks a gain of over 500% in the past year, driven predominantly by Russia’s moves to slash gas supply.