Electricity prices in France, the U.K. and the Netherlands surged to records

Electricity prices in France, the U.K. and the Netherlands surged to records as a heat wave spurred the use of air conditioners and forced generators across the continent to cut output to avoid overtaxing plants. Power for delivery during today's peak hours sold for an average 606 euros ($683) a megawatt-hour in France, the highest since the Powernext exchange was created in November 2001. For working hours, it traded at more than 1,000 euros. Europe's electricity prices have surged in the past two months as Italy endured its longest heat wave in two centuries, Germany had its hottest June since 1901, and drought gripped three- quarters of France. The heat has dented power supplies by reducing reservoir levels behind hydroelectric dams and warming river water used to cool generators. Temperatures in France have topped 30 degrees Celsius (86 degrees Fahrenheit) during the past week, climbing to 40 degrees in some regions. Since June 1, baseload power on Powernext has averaged 38.56 euros a megawatt-hour, more than twice as much as the 18.98 euros of a year earlier.