Power prices across the EU leaped to a fresh record high on Tuesday, as natural gas costs climbed further on dropping supply from Russia, information from the European Energy Exchange AG shows.
Benchmark day-ahead prices in Germany advanced in order to € 490. 79 ($497) per megawatt-hour, from June’s average of € 218. 03, according to market information provider Nord Pool.
The current prices are almost six times higher than in August 2021.
The EU’s energy market is rattled simply by fears over whether power plants will be able to provide enough electricity this winter amid the tightening gas provide.
Gas costs in the region have quadrupled this year, driven by the drop in deliveries from Russia because of Ukraine-related sanctions and technical setbacks. EU countries are trying to diversify imports by purchasing more liquefied natural gas (LNG), as well as increasing supplies associated with pipeline gas from Norwegian, Algeria and Azerbaijan. However , according to the EU’s top diplomat, Josep Borrell, the bloc is “ approaching the limits of what extra gas ” it can buy from “ non-Russian sources . ” Meanwhile, France has significantly turned to nuclear power to produce additional electricity, while other EU states have been reviving coal-fired plants.
Nevertheless, according to Rystad Power analyst Fabian Ronningen, you will find no signs of the “ extreme” price rally abating, as the additional nuclear, hydropower and coal capacities not necessarily enough to offset the consequence of diminishing Russian gas materials.
“ Costs will continue to increase towards the winter, on the condition which the supply situation from Russia is not improved. That is still the big joker and will keep on being a price driver in the power market, ” he informed Bloomberg.
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