had yesterday we reportedthat the price of electricity traded on the exchange in Germany and France has risen to a new all-time high – today the price hits a new all-time high again: the price of electricity for Germany rises by 7.6% (the contract traded for next year on the European Energy Exchange AG) to over 800 euros per megawatt hour, further exacerbating the energy crisis:
Bloomberg writes:
“The German benchmark electricity prices for next year rose to over 800 euros on Friday, almost ten times as high as in the same period last year. Electricity prices are breaking new records almost every day as Russia cuts natural gas supplies ahead of the crucial winter heating season. The unprecedented rise in energy costs is fueling inflation and threatening the finances of households and businesses across Europe. The price of electricity in Germany rose by over 860% last year.
European governments have started to take drastic measures to limit energy consumption, such as B. the ban on outdoor lighting of buildings in Germany and the reduction of heating temperatures indoors.
German electricity prices for next year rose 7.6% to 805.15 euros per megawatt-hour on the European Energy Exchange AG on Friday and are up 39% this week. The corresponding French contract is up 24% this week.”
Electricity prices and gas prices plunge Europe into the energy crisis
While in Germany the massive increase in gas prices due to the significantly reduced deliveries from Russia is also driving up the price of electricity, in France it is the reduced output of nuclear power plants that is causing the price in our neighboring country to rise to new all-time highs.
In any case, Germany now has – unlike Economics Minister Habeck claims – but a power problem. Habeck himself wants to make some improvements to the gas levy planned for the beginning of October – this is how companies that are no longer highly profitable should now do so receive payments. A few days ago, the Federal Minister for Economic Affairs and Climate Protection excludedto extend the operating times of the three nuclear power plants still in operation. These three nuclear power plants, which are still in operation, currently supply 6% of Germany’s electricity. If the federal government announces its closure at the end of the year, this should cause electricity prices in Germany to rise further.
The burdens on companies and consumers are already enormous. see like this more than 42% of German medium-sized companies are in existential danger due to the exploding energy prices, while the consumer climate among German consumers is on the rise new all-time low fell, as the GfK consumer climate published this morning shows. German consumers are saving because the full impact of the increased energy prices will only really hit in the autumn. In addition, the reserves formed during the Corona period are now are used up.
It is similarly difficult for 24 million households in Great Britain, whose energy costs from 1 October by 80 percent rise, as revealed by UK energy regulator OFGEM this morning announced hat.
Europe is thus in an energy crisis that seems to eclipse the oil shock of the 1970s.
FMW/Bloomberg
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