European Power Trades at Highest This Year on Fuel Concerns
- French, German futures advance on risk of supply cuts
- Underlying 2023 electricity contracts have never traded higher
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European power futures rose to their highest level this year as traders are getting increasingly worried that Russia could soon curb supplies of natural gas to the region.
Electricity for next year in Germany, Europe’s biggest market, rose as much as 1%, while the French equivalent advanced 2.7%. Gas prices are also gaining, with the focus on security of supplies when Russia’s demand for ruble payments comes due next month.