Electricity prices have quadrupled due to soaring gas costs, the Financial Times reports Electricity prices in Europe have hit their highest level on record, the Financial Times reported on Tuesday, citing the rising cost of natural gas amid the uncertainty over Russian supplies. German baseload power for delivery next year, which is the benchmark European price, traded at €325 ($334) per megawatt hour (MWh) on Monday, thus surpassing the previous record set in December, the newspaper writes. Last July, the price stood at just over €81 ($83) per megawatt hour. The equivalent contract in France has doubled to €366
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