German energy prices, the European benchmark, hit €1,000 per megawatt-hour (MWh) for the first time on Aug. 29, after reaching €850 on Aug. 26, as the region’s energy crisis intensifies owing to a lack of Russian natural gas supplies as result of the sanctions against Russia.
Energy costs in Europe have soared 1,000 percent from last year.
Global oil prices also rose on the fear that there will be additional cuts in output.
Contracts for annual German power deliveries for 2023, according to Bloomberg, rose as high as 6.6 percent, to trade at €1,050 per MWh, from €850 at the end of last week, by midmorning in Germany.
German 2024 and 2025 energy contracts have also hit all-time highs….