High air temperatures have increased the demand for refrigeration equipment; This was at a time when electricity consumption had already increased with the beginning of the global exit from the Covid 19 epidemic. Electricity prices hit a record high in Spain and prices rose in the UK for the fifth day in a row, the longest upward trend in more than a month. Future rates in Germany have also doubled the five-year average.
Electricity prices in Europe had already risen as consumption normalized and returned to pre-epidemic levels. The cost of natural gas and coal used to generate electricity has jumped this year, and the supply of renewable sources such as wind power has declined.
According to the OMIE exchange, Spain's electricity for delivery on Wednesday rose 4.7 percent to a record high of 106.57 euros ($ 125) per megawatt hour. In the British N2EX market daily bid, electricity prices rose 3.9 percent to. 98.47 ($ 134) per MWh. The price of electricity for the next day in Germany, which had risen to 100 euros earlier this month, fell 1.9 percent to 89.99 euros.
According to Bloomberg, the factor that has made electricity costs more expensive in Europe is a more serious pursuit of the region's climate policy to meet the 2030 target and reduce greenhouse gas emissions by 55% from 1990 levels, which has pushed up carbon emissions Is. The price of natural gas has also jumped since the cold winter that emptied Europe's gas storage tanks.