German Power Prices at 8-Month High on Low Wind, Surging Fossil Fuels

German electricity prices for Tuesday jumped to their highest level since February as low wind levels continue to affect the nation’s thousands of wind turbines with more expensive coal and gas-fired plants needed.

The day-ahead price surged to €156.14 per megawatt-hour, in an auction on the Epex Spot SE exchange in Paris. Wind generation is forecast to average 8.3 gigawatts on Tuesday, according to a Bloomberg model. That is less than half the level seen last month according to ENTSO-E data as a high-pressure system brings lower wind speeds this week.