Arctic Blast Will Prop up European Energy Prices Into Spring
- Goldman, WoodMac see higher gas prices this year than in 2020
- German and Nordic power poised to gain if cold weather remains
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The first cold blast this winter that propelled European power and gas prices to their highest levels in years may be about to dissipate, but its impact will be felt for months to come.
From a snow storm in Madrid to record spikes in the U.K. power market as wind dropped -- the weather has been the main driver behind the rally. Bullish gas price forecasts from Goldman Sachs Group Inc. and Wood Mackenzie Ltd. indicate that the wild ride might not be over just yet.