Wholesale electricity prices in Belgium continue to soar. For electricity delivered on Friday, the average price exceeded 700 euros per megawatt hour on Thursday, according to data from the power exchange Epex Spot. Last Wednesday (540.8 euros per megawatt hour on average), the record set in March, just following the Russian invasion of Ukraine, was shattered. Since then, prices have reached all-time highs and the record has been broken four times.
The so-called “day-ahead” price of Belgian electricity for Friday amounts to an average of 700.41 euros per megawatt hour. The price peaks in the morning, between 8 and 9 a.m., at 802.97 euros per megawatt hour. According to Matthias Detremmerie, energy trader, the day-ahead price averages around 55 euros per megawatt hour at this time of year in normal times, and “in an expensive year, around 70 euros”.
Part of the reason for Friday’s high prices was the lack of wind – which means wind turbines produce less electricity – and forecast cloud cover – which means solar panels have lower output. Persistent hot temperatures also increase the demand for electricity.
On the futures markets, the situation is even worse “with almost unprecedented records in all areas,” says Mr. Detremmerie. For electricity delivered next year, the price in Belgium is almost 50 euros higher, at 611 euros. “The news that four French nuclear reactors will remain in maintenance longer than expected due to cracks weighs on the European production fleet”, said the trader. In France, electricity for 2023 was trading on Thursday for some 80 euros more, at 875 euros per megawatt hour.