HomeIndustriesGerman Power Prices Hit Record High For Fifth Consecutive Session

German Power Prices Hit Record High For Fifth Consecutive Session

Power prices in Germany increased for a fifth consecutive trading session on Tuesday, reaching record heights. Europe’s benchmark power price is showing no signs of decline in the coming days as the natural gas rally continues.

The price of Germany’s year-ahead power gained 2.7% on the European Energy Exchange AG during Tuesday’s early trading, reaching a cost of 490 euros. This marks a price hike of more than doubled since June, resulting in a mass rise in the cost of living, putting strain on consumers and industrials alike. As Germany faces its highest rate of inflation in decades, the price of everyday goods is reaching unprecedented levels, with everything from food to petrol costs surging.

Aside from the rising cost of living, Germany and the rest of Europe is bracing for a difficult winter ahead, with the possibility of blackouts causing concern among several European states. France’s nuclear fleet, which has been long-established as the backbone of Europe’s power system, has been producing historically low output, potentially the lowest in decades. Hydropower stocks in numerous countries across the region have declined, while Dutch natural gas prices surged by 6.5% during early trading on Tuesday—the highest intraday price since March.

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