Power prices in Europe soar to highest level in decades: BofA

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Dubai

European power prices jumped to the highest levels in over a decade, as natural gas, coal and carbon rally, a new Bank of America (BofA) report said.

Prompt-month baseload futures topped 100 euros ($118.8) per megawatt-hour (MWh), the report said, while day-ahead prices in Spain and the UK broke through 120 euros per MWh.

Demand in Italy was particularly strong because of hotter temperatures, while Spain saw a drop in de-mand in July to the lowest season level since 2014.

The jump in prices was principally driven by a “his-toric rally across the European energy complex and a sluggish renewable generation.”—AN

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