Germany’s May Power Prices Surge to Four Times French Levels

German power prices for May are now trading at roughly four times the level in France, a record multiple as the disruption to natural gas supplies from the Iran war amplifies longstanding differences between the two markets.

France’s electricity comes mostly from nuclear and some renewables, ensuring relatively stable, low-cost supply. Germany gets a greater share of its power from renewables, but shut its reactors in 2023, making it more dependent on fossil fuels.