Germany Sets New Record for Energy Prices

Germany's benchmark power prices for next year hit a record high of more than 800 euros on Friday, a 10-fold increase compared to the same period last year, as Russia cut natural gas supplies ahead of the winter.

Germany's benchmark electricity prices for next year hit a record high of more than 800 euros on Friday, up nearly 10-fold from the same period last year. Electricity prices hit record highs as Russia cut natural gas imports ahead of the critical winter period. The unprecedented rise in energy costs is fueling inflation and threatening the finances of homes and businesses across Europe.

Over 860 percent increase

European states have a growing energy problem. Germany has recently introduced tough measures to limit energy use, such as banning outdoor lighting and lowering indoor heating temperatures. In the UK, energy bills are expected to rise in October after the energy regulator raised the cost cap. It is stated that rising prices may force many people in the country to limit energy use on the grounds that they cannot afford the costs. On the European Energy Exchange, German energy prices for the coming year rose 7.6 percent to 805.15 euros per megawatt hour on Friday, while the weekly increase reached 39 percent. The increase in French contracts for the same period was recorded as 24 percent.   Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!