Europe’s Power Price Breaks €1,000 for First Time, Costs Up 1,000 Percent From Last Year

(L-R) British Prime Minister Boris Johnson, Japanese Prime Minister Fumio Kishida, the President of the European Commission Ursula von der Leyen, European Council President Charles Michel, Italian Prime Minister Mario Draghi, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz, and U.S. President Joe Biden attend a working session during of the G7 leaders summit at Castle Elmau in Kruen, Germany, on June 28, 2022. John MacDougall/Pool Photo via AP

German energy prices, the European benchmark, hit €1,000 per megawatt-hour (MWh) for the first time on Aug. 29, after reaching €850 on Aug. 26, as the region’s energy crisis intensifies owing to a lack of Russian natural gas supplies as result of the sanctions against Russia.

Energy costs in Europe have soared 1,000 percent from last year.