German power prices for next year, which are considered Europe’s benchmark, briefly jumped above €1,000 ($999.80) per megawatt hour on Monday before falling back to €840 ($839.69) per megawatt hour.
“This is not normal at all. It’s incredibly volatile,” said Fabian Rønningen, a senior analyst at Rystad Energy. “These prices are reaching levels now that we thought we would never see.”
France’s nuclear sector, which provides about 70% of the country’s electricity, is also struggling with lower output, pushing up the country’s energy prices.
The Czech Republic announced Monday that it would convene an emergency meeting of Europe’s energy ministers in Brussels next week as the region hunts for solutions.
Germany’s gas storage facilities are nearly 83% full and will reach the 85% threshold in early September, according to Habeck.
But huge uncertainty lingers. High power prices for next year indicate that traders don’t think the crisis will be contained in the coming months, according to Rønningen.
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