Benchmark EU and French electricity contracts have doubled so far this year
Frankfurt/London/Paris — A record run in energy prices that pushed European electricity costs to multiyear highs is unlikely to ease off before year-end, pointing to an expensive winter heating season for consumers.
Even though wind supply patterns and Russian gas deliveries are seen as market wild cards, the current backdrop means a power supply crunch is likely, traders and analysts say. The biggest unknown is the Nord Stream 2 gas link from Russia to Germany, which could be operational in 2021 and boost tight European gas inventories.
Gas demand from power stations has been high due to lower than average wind speeds in Europe, curbing power generation from wind farms. The EU carbon benchmark contract, now at €62.4 a tonne, remains not far off a high set this week, buoyed by more ambitious climate targets that raise the cost of pollution, but also because high power generation activity means buyers need more permits.
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