steampunk heart
Uncategorized

EU electricity prices soar to new highs

Electricity prices in the EU’s day-ahead spot markets have surged to new highs on Friday amid rising energy demand and lower gas flows from Russia.

According to European Power Exchange data, day-ahead electricity prices in France, Belgium and Germany showed the largest growth.

  • Prices in Europe’s largest economy, Germany, rose from €599.83 per megawatt-hour on Thursday to €699.44 on Friday.

The highest prices were recorded in France, where costs surged to €706.32 per megawatt-hour from €630.62 the day before.

The prices in that country are now around seven times higher than a year ago.

  • Price spikes were also evident in the Netherlands, Denmark, Switzerland and Austria.

Fresh highs on the power market are becoming a nearly daily occurrence in Europe, with prices on average in the euro area now multiple times higher than the average for the decade between 2010-2020, according to market data.

  • On Thursday, reports emerged that EU energy ministers may hold an emergency meeting to address the growth in power prices.

The Czech Republic, which currently holds the EU presidency, is reportedly considering a bloc-wide electricity price cap.

Source: RT