European Power Crunch Extends Into 2023 With Soaring Fuel Prices
- German contract for 2023 rises to record high for that year
- Rising coal, carbon and gas prices drives power cost up
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The ongoing fuel crunch is set to last into next year with benchmark German power contract trading at the highest level ever for 2023 delivery.
A more pessimistic outlook on European fuel supplies following the continent’s attempts to cut out imports from Russia has seen the German power contract for 2023, a benchmark for the region, rise 63% this year nearing 200 euros per megawatt-hour. That would be more than twice as high as last year’s average price in the daily market.