icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
26 Aug, 2022 06:02

EU electricity prices soar to new highs

Brussels may introduce a region-wide price cap
EU electricity prices soar to new highs

Electricity prices in the EU’s day-ahead spot markets have surged to new highs on Thursday 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 Wednesday to €699.44 on Thursday. 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.

RT

Earlier 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.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
26:13
0:00
28:29