Energy
Key European power prices hit fresh record as gas continues to surge
Countries across Europe are planning for possible power shortages this winter, with some considering rationing supplies to certain industries to ensure essential demand can be met
Europe’s benchmark power price surged above €500 for the first time, ratcheting up pressure on households and businesses as the worst energy crisis in decades looks set to persist well into next year.
German year-ahead electricity rose as much as 6.4 per cent to €508 a megawatt-hour on the European Energy Exchange AG. That marks a gain of roughly 500 per cent in the past year, driven predominantly by Russia’s moves to slash gas supply.