Power Prices Hit Record In Germany As Energy Crisis Deepens

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.

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. Electricity prices in Europe have soared, due to a combination of factors, most prominently Russia’s war in Ukraine and the curtailing of natural gas supplies.