May 14, 2018 / 11:37 AM / 2 months ago

German year-ahead power hits new high of 40.70 euros as oil climbs

FRANKFURT, May 14 (Reuters) - Germany’s year-ahead electricity contract hit a new all-time high in the European wholesale market on Monday, lifted by gains in oil, the energy sector’s “lead currency.”

* German baseload for 2019 delivery reached 40.70 euros ($48.77) a megawatt hour (MWh), a level never seen on the contract that started trading in 2015.

* This was 0.6 percent up from its close on Friday.

* Brent crude oil was 0.4 percent up at $77.4 a barrel, with the market’s surge coming in the wake of U.S. sanctions against major exporter Iran. ($1 = 0.8345 euros) (Reporting by Vera Eckert; Editing by Mark Potter)

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