European benchmark Dutch TTF gas futures has continued to surge, reaching €315/MWh today as the staggering jump in energy prices in the region this week shows little signs of abating. Of note, we are also seeing French and German year-ahead power prices climb to fresh records of €880/MWh and €725/MWh respectively.
For some context, the price for French year-ahead power is some ten times the level as compared to a year ago.
I've mentioned before that I fear that some parts of Europe are not really grasping the impact of the ongoing surge in prices. It is but a destruction of the energy market in the region and that is going to lead to a collapse in many other areas - most notably consumer spending as this is going to hit households hard in the months ahead.