European power prices shoot above €600 as wind generation slumps

Greater heating demand could add to the tightness in power markets, with temperatures set to dip 1C to 3C below normal this week

Wind and solar generation are set to remain low across northwest and central Europe through Wednesday.

European power prices surged above €600 a megawatt-hour for peak evening periods on Monday due to a collapse in wind generation, showing how tight electricity markets can become when renewable output is weak.

Wind and solar generation are set to remain low across northwest and central Europe through Wednesday, as a slow-moving weather front brings still, cloudy conditions across some of the region’s biggest power markets, according to government and commercial forecasters.