Saturday, August 27, 2022

Power Costs in Europe Hit Historic Highs As Russian Supply Cuts Begin to Bite - Tasnim News Agency

European electricity prices soared to new records on Friday, presaging a bitter winter as German benchmark power prices soared above €800 per megawatt hour, nearly 10 times higher than last year.


Prices gained as much as 7.6% on Friday to reach €805.15 per megawatt hour on the European Energy Exchange, up 39% this week.

Costs have been smashing records on an almost daily basis as the winter heating period approaches. The rally is being driven by growing concerns over Russian natural gas supplies via the Nord Stream 1 pipeline, France24 reported.

Berlin previously required gas operators to fill underground storage facilities while adhering to a strict schedule, to ensure the country has enough fuel to last the winter. The plan states that storage must be 85% full by October 1, and 95% full by November 1. Experts doubt the goal is achievable.

No comments :

Post a Comment

Only News

Featured Post

“The U.S. must stop supporting terrorists who are destroying Syria and her people" : US Congresswoman, Tulsi Gabbard

US Congresswoman, Tulsi Gabbard, recently visited Syria, and even met with President Bashar Al-Assad. She also visited the recently libe...

Blog Widget by LinkWithin