(Bloomberg) -- Europe’s benchmark power price traded above 100 euros ($118) per megawatt-hour for the first time, boosted by the soaring costs of other energy commodities. 

German electricity prices for next year have almost doubled in 2021 as global energy demand picks up and a gas supply crunch pushes the power-plant fuel to record highs. At the same time, coal reserves at European ports are at the lowest for this time of year since 2016, helping drive prices to the highest in a decade. 

With Germany relying on fossil fuels for more than a third of its electricity, the soaring costs in Europe’s biggest power market are set to boost bills for millions of consumers. The rally in European energy prices is just a taste of what’s to come for other commodities, Goldman Sachs Group Inc. said in a report.

Next-year power in Germany, the regional benchmark, rose 4% to as much as 100.10 euros per megawatt-hour on the European Energy Exchange AG Monday. Gas prices have more than tripled this year, while carbon futures have jumped 89% on ICE Endex. 

“Coal and lignite are cheaper than efficient gas fired power plants at the moment,” Jean Paul Harreman, director of EnAppSys, said. 

Short-term power prices are also gaining, with low wind power across most of Europe boosting costs. The German day-ahead contract has climbed to the highest since 2007.

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