A rebound in demand and tight supplies have driven power, gas and carbon prices in Europe to a string of records. Wholesale gas doubled in the last three months, power jumped more than 60 percent while oil rose about 10 percent. The combination has helped boost inflation in the euro area and is due to hit consumers in the coming months as prices get passed on.
Yet ahead of Sunday’s election to determine Chancellor Angela Merkel’s successor, the turmoil has barely caused a blip in campaign rhetoric, despite Germany already burdened with the highest electricity prices in Europe.
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