Electricity prices in Europe set new records

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Futures for the supply of electricity in Europe for the next year set new records today, August 11, reports Bloomberg. Thus, the cost of a contract for the supply of electricity in Germany grew by the results of trading on the European Energy Exchange by 6.6% – up to €455 per 1 MWh. A similar futures contract in France rose by 7.8% over the day to €622 per 1 MWh.

The rise in electricity prices in Europe is explained by the fall in the production of nuclear power plants, the low volumes of energy received from windmills and solar panels, as well as the heat that provoked drought and fires in European countries and interruptions in supplies from Russia.

“If Russia cuts off gas, there may not be enough gas to meet all needs, and then austerity measures will be introduced,” Annegret Grebel, president of the Council of European Energy Regulators, told Bloomberg.

Earlier it was reported that in Europe in July, the highest gas prices were in the Netherlands. The average cost of a cubic meter of gas in the country amounted to €2.76, which is 22% more than in the previous month. This is twice as much as the average gas price in Europe.

Kirill Sarkhanyants

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