2024-11-05 08:52:00
The dark, windless and colder weather of recent days is pushing wholesale electricity market prices to their highest levels in almost a year.
The price for delivery this Tuesday reaches 137 euros per megawatt hour, the highest level since the end of November 2023. Around 6 p.m., the price per megawatt hour will even reach 325 euros, the highest since December 2022.
The explanations, according to Matthias Detremmerie, energy trader at the supplier Elindus, lie in the sky: there is practically no wind in Western Europe and photovoltaic panels produce little. Added to this are colder temperatures. Finally, reactor 4 of the Doel nuclear power plant, whose capacity is a thousand megawatts, is under maintenance until the end of November.
Matthias Detremmerie does not expect an immediate lull but the situation is not worrying either, because the month of November is traditionally a more complicated month on the electricity market.
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**Interview with energy expert Dr. Clara Fontaine on the current energy crisis in Europe**
**Host:** Welcome, Dr. Fontaine. Thank you for joining us today. With wholesale electricity market prices rising to 137 euros per megawatt-hour due to the recent dark, windless, and colder weather, can you help us understand what’s driving these price increases?
**Dr. Fontaine:** Thank you for having me. The main factors at play are indeed the weather conditions, which have dramatically reduced renewable energy generation from sources like wind and solar. This increased dependency on more expensive forms of energy, such as natural gas, leads to higher wholesale electricity prices.
**Host:** In light of the peak prices seen in September 2022, when gas and electricity costs contributed significantly to inflation, what emergency measures has the European Union implemented to address this crisis?
**Dr. Fontaine:** The European Union has introduced several measures, including subsidies and price caps on energy for consumers and businesses. Additionally, they have promoted energy conservation strategies, diversifying energy sources, and increasing imports of liquefied natural gas (LNG) to reduce reliance on domestic sources.
**Host:** It sounds like the EU is taking a multi-faceted approach. Do you think these measures are sufficient to stabilize the market in the long term?
**Dr. Fontaine:** While these measures are crucial in the short term, long-term stability will require significant investment in renewable energy infrastructure and storage capabilities to buffer against similar crises in the future. The EU is moving in that direction, but progress needs to be expedited to ensure energy security.
**Host:** for individuals looking to manage their energy costs during this time, what practical advice would you offer?
**Dr. Fontaine:** Individuals should consider reducing energy consumption where possible, such as using energy-efficient appliances and being mindful of heating practices. Additionally, exploring fixed-rate energy contracts can provide some protection against fluctuating prices.
**Host:** Thank you, Dr. Fontaine. Your insights are invaluable as we navigate these challenging times in energy markets.
**Dr. Fontaine:** Thank you for the opportunity.
