No end to the rise in prices in Europe – A difficult winter is coming, as shown by repeated price records
The energy increases are nightmarish, heralding a difficult winter for Europe.
A new record was set for wholesale electricity prices.
Next day prices are 718 euros in Italy, 706 in France, 699 in Germany.
In Hellasthe price is calculated at 402 euros per megawatt hour and is the second lowest in Europe with the exception of Iberia where Spain and Portugal due to exceptions have a price of 175.33 euros.
Its current prices natural gas they surpassed every record in Europe. The price was set at 320 euros per megawatt hour due to intensifying concerns about Europe’s supply.
Earlier, natural gas contracts on the Amsterdam energy exchange touched 300.50 euros per megawatt hour.
The increase comes amid fears of a prolonged disruption of flow through a major pipeline.
The main conductor Nord Stream will stop for three days of maintenance on August 31again raising concerns that it will not return to service as planned after the works.
Crude is trading at $95.99 a barrel, Brent at $101.3 a barrel.
Gas supplies from the Russian pipeline to Europe have fallen by around 75% this year, affected by sanctions on Russia.
It is noted that Moscow will stop gas supplies to Europe via the Nord Stream 1 pipeline for three days from August 31 to September 2, putting more pressure on European capitals.
Meanwhile, the German government approved two packages of measuresin the context of the law on energy efficiency, with which energy should be saved in the next period.
The first 6-month package takes effect from September 1st, the second two-year package from October 1st. This package, however, needs the green light from the Federal Council before it can be implemented.
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