European electricity prices have surged to a 20-month high, driven by low wind power generation and increased demand for heating.
As Europe is bracing for the winter, wholesale electricity prices have jumped in November to the highest level in 20 months, additionally burdening the key industries in major economies that had just started to recover from the 2022 energy crisis . Average wholesale base power prices in Germany, France, the Netherlands, Spain, and Poland have soared to their highest levels in at least 20 months so far this month, per power market data by LSEG, cited by Reuters columnist Gavin Maguire.
Earlier this month, falling wind power generation tightened power markets in Europe, with electricity prices in Germany hitting their highest since the peak of the energy crisis in 2022. Wind speeds in the UK and Germany slumped in the so-called ‘Dunkelflaute’ period in which there is a lull in wind speeds. This has sent power prices in northwestern European countries surging and nations have had to rely more on fossil fuels such as natural gas to meet demand.
Electricity Prices Energy Crisis Wind Power Natural Gas Energy Demand Economy Industry Inflation Energy Security
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