Because of Russia, electricity prices in Europe hit new records

This is reported by NV.Business with reference to the Financial Times.

Electricity prices jumped due to cuts in Russian gas supplies.

German electricity contracts for next year's delivery, considered the market benchmark, reached their highest price ever in trading on Monday. The price increased by 13% to 325 euros per MWh. The equivalent contract in France has doubled to 366 euros per MWh since the beginning of the year.

Prices are rising due to gas prices, which have reached the highest level in the last four months. This is due to the fact that Moscow has increased restrictions on fuel supplies to Europe.

Analysts estimate that high electricity prices suggest that traders are increasingly forecasting limited gas supplies for at least a year.