German power price jumps 25% after new energy worries

The county's electricity price soared to a record EUR 700 per MWh due to new concerns about natural gas supply.

Photo: Michele Tantussi/REUTERS / X03942

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Germany's electricity price, the European benchmark, rose Monday by more than 25% to EUR 700 per MWh.

That's the highest level to date, and 14 times the seasonal average over the last five years, writes Bloomberg News.

The major price increase is driven by new concerns about natural gas supply following Gazprom's announcement Friday regarding a three-day flow halt through pipeline Nord Stream 1 from Aug. 31 to Sept. 3.

Gazprom's statement resulted in European gas futures to rise by 20% in Monday trading.

Weak demand outlook burdens oil prices

Europe gas jumps as latest Russian cut plan stokes supply fears

Russia to cut Nord Stream gas Flow in ominous sign for winter

Analyst projects Nord Stream 1 doubling export volume this winter

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