(Bloomberg) --
The ongoing turmoil in gas and carbon markets is permeating through to power, pushing electricity prices in Germany higher.
German power for next month, quarter and year rose for a fifth consecutive session to the highest level since mid-October, meaning electricity generation is set to get more expensive as gas and carbon prices soar. Contracts for January and February delivery are now trading above 200 euros ($226) per megawatt-hour on the German futures market. That's up from a record 139.49 euros reached last month on the spot market.
“Bullish gas and carbon markets continued to provide support to the power forward prices which posted significant gains along the curve,” EnergyScan wrote in a note.
European carbon futures rose as much as 0.5% to 67.91 euros per ton on Wednesday, hitting a record for the third consecutive day day of trading after the Glasgow climate conference ended, before paring gains. The contract was 0.5% lower at 11:23 a.m. in Amsterdam.
READ: European Gas Jumps to One-Month High as Fears of Shortage Mount
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