Zero Hedge: German Power Prices Hit Record As Energy Crisis Worsens
German power prices surged above 500 euros per megawatt-hour on the European Energy Exchange AG for the first time as the energy crisis worsened.
German year-ahead power jumped 6% to 507 euros per megawatt-hour as there are no signs of the natural gas rally slowing down.
Russia's reduction of NatGas flows via the Nord Stream 1 pipeline and a scorching summer across Europe have been the main drivers of power prices. Since early June, power prices have risen 173%, pressuring households and businesses with unprecedented costs.
"The longer these price rises go up, the more this will be felt across the economy," said Daniel Kral, senior economist at consultant Oxford Economics. "The magnitude of the increase and magnitude of the crisis isn't comparable to anything in the past few decades."
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WNU Editor: German consumers are learning only now on how much extra they are going to pay this winter .... Germany sets winter gas levy amid warnings of its impact (DW). This is also not a German crisis, but a European crisis .... European Power Prices Reach Records as Industry Starts to Buckle (Bloomberg). More here .... Europe’s Power Prices Surge To New Record (OilPrice.com), and here .... Europe blackout panic as energy prices smash all-time record high –lights to be forced OUT (Express).
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