The price of electricity in Europe has sharply increased: one megawatt-hour has become more expensive than 600 euros
In Europe, due to calm and cloudy weather, renewable energy production decreased.
A sharp decline in energy production at wind power plants in Europe has caused electricity prices to rise. During the evening peak hours on November 9, exchange prices exceeded 600 euros per megawatt-hour.
There is almost no wind in Germany, the United Kingdom, and the Benelux countries. Forecasters predict that solar and wind energy production in the northwestern and central regions of the continent will remain low at least until Wednesday.
Because wind and solar power plants are not producing enough energy, companies are forced to start up thermal power plants running on natural gas. High gas prices are also affecting the exchange value of electricity.
The situation is further complicated by air temperatures dropping 1–3 degrees below the usual norm. This has increased demand for heating and costs.
On November 9, in the day-ahead electricity market, the price per megawatt-hour was 334.12 euros in France and 345.64 euros in Germany. This figure in France is the highest price since December 2022. During some 15-minute evening trading intervals, prices exceeded 600 euros.
Additionally, in Germany the price of electricity futures for December rose above 200 euros per megawatt-hour. This is twice last year's figure.
