German Power Price Halves in Three Days on EU Crisis Plans
- Year-ahead power still trading about 10 times past average
- European Union considers windfall taxes and price cap
Visitors at the lit Brandenburg Gate at night in Berlin.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Europe’s benchmark power price has more than halved in three days from a record high on signs of concerted efforts by policymakers to ease the worsening energy crisis.
German year-ahead electricity futures plunged as much as 54% from Monday’s peak above 1,000 euros a megawatt-hour as the European Union considers various measures to intervene in the market to damp runaway energy costs crippling economies across the bloc. Soaring prices have forced cuts in industrial output, from steel to fertilizer producers, with little sign of the energy crunch easing soon.