Electricity prices in Europe are rising while energy imports from Russia are falling, why? – The Informant. 🇳🇱 #WeStandAsOne



Electricity prices in Europe are rising while energy imports from Russia are falling, why?

Published on 29.8.2022


Electricity prices in Europe are rising while energy imports from Russia are falling, why?

European cost map for 1 MW/h of electricity in Europe and Russia.

Electricity prices in day-ahead spot markets in the EU have increased due to rising energy demand at a time when Russia is exporting less natural gas to Europe and with a shutdown of the coal.

The EU continues to struggle to balance its energy demand since the implementation of sanctions against Russia. The sanctions package, which EU countries agreed to in April, included a ban on coal imports from Russia from August 10.

Russian energy giant Gazprom on July 27 announced a restriction on daily natural gas shipments to Europe of up to 33 million cubic meters through the Nord Stream pipeline, reducing shipping capacity of the gas pipeline at 20%.

As a result, electricity prices rose in Europe, and according to data from the European Power Exchange, France saw the biggest increase.

Electricity prices on the day-ahead spot market in France fell from €611.85 on Tuesday to €645.54 per megawatt hour on Wednesday.

In Germanyelectricity prices on the day-ahead spot market reached 624.34 euros on Wednesday, against 605.13 euros per megawatt hour the day before.

Price increases have also been observed in the Nederlandswhere electricity prices fell from €603.55 to €611.34. Belgium and the UK also recorded price increases, rising from €603.38 to €611.97 and from €520.38 to €539.48 respectively.

In Denmarkelectricity prices on the spot market fell from €605.13 on Tuesday to €624.34 on Wednesday.

Likewise, Switzerland and Austria saw their prices increase from €624.52 to €625.09 and from €615.75 to €635.52, respectively.

France24 reports : Recession is ‘probably inevitable’: According to a study by Bruegel, the countries of the European Union allocated 236 billion euros from September 2021 to August 2022 to protect households and businesses from rising energy prices, which started to rise when the countries came out of covid restrictions and soared after the war.

In recent days and weeks, countries have announced energy saving campaigns to encourage the public to reduce electricity consumption during the winter.

Germany announced on Wednesday that the temperature of public administrative offices would be capped this winter at 19 degrees Celsius (66 degrees Fahrenheit) and that hot water would be cut off.

The German measures also include a ban on heating private swimming pools from September and for the six months the decree will be in force.

Finland is encouraging its citizens to lower their thermostats, take shorter showers and spend less time in saunas, a national tradition.

French households are protected by an energy price cap until December 31 for now.

Industries are also affected by soaring energy prices.

Factories that produce ammonia – an ingredient for making fertilizer – announced the suspension of operations in Poland, Italy, Hungary and Norway this week.

HSBC bank warned in a note that “recession is likely inevitable” in the euro zone, with the economy contracting in the fourth quarter and the first three months of 2023.

(AFP)



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