The price of electricity in Europe has doubled

The cost of contracts for the supply of electricity in Europe for the next year reached new highs, informs Bloomberg. As a result of trading on the European Energy Exchange, a futures contract in Germany rose by 3.2% to €475 ($487) per 1 MWh, which is almost six times higher than last year. The cost of the contract for the supply of electricity in the UK increased seven times – up to £591 ($713) per 1 MWh.

As the newspaper notes, the high demand for electricity in Europe is associated with rising temperatures in the region. Abnormal heat makes Europeans more likely to use thermal control devices powered by the mains.

According to Rystad Energy analyst Fabian Ronningen, due to the low level of nuclear, hydroelectric and coal capacities on the continent, the increase in electricity prices will not stop in the near future.

European governments are considering additional measures to regulate electricity prices. The French authorities plan to completely nationalize the world’s largest operator of nuclear power plants Electricite de France.

Previously reportedthat the highest gas price in Europe was established in the Netherlands. The average cost of a cubic meter of gas in the country was €2.76, up 22% from the previous month. Gas prices in Europe are rising due to a number of factors. Pumping from Norway decreased due to downtime at the fields. The supply of liquefied natural gas from the receiving terminals of Europe to the gas transmission network of the region decreased by 10% in August. This is due to rising LNG prices in Asia. Also, up to 20% of the usual volumes of gas supplies via Nord Stream were reduced by Gazprom.

Milena Kostereva