these European countries facing soaring electricity and gas prices

Orange with 6Medias, published on Tuesday, August 30, 2022 at 2:05 p.m.

Inflation and the energy crisis affect many European countries. In Belgium, Germany, the United Kingdom and Austria, the electricity and gas bill is exploding, report TF1 Info and BFMTV, Monday August 29.

Unlike France, Belgium does not benefit from a price shield to limit the increase in electricity prices.

With inflation and the energy crisis, bills in Belgian households might exceed the bar of 10,000 euros annually in 2023, reports TF1 Info, Monday August 29. The price of gas has been multiplied by fifteen and that of electricity by ten since 2020, in Belgium, specifies the chain. Natural gas prices amount to 295 euros per megawatt hour (MWh) and 562 euros per MWh of electricity, indicates the RTBF.

Germany is not spared from supply difficulties either, which can be explained by the war in Ukraine but also by climate change. According to BFMTV, the price of electricity on the wholesale market reached 850 euros per MWh for the one-year contract, i.e. a weekly increase of 40%. On Wednesday August 24, the German government approved an energy saving plan to reduce national electricity and gas consumption to 2%.

Austria takes exceptional measures

In the UK, unpaid electricity bills total £1.3 billion, three times more than last year, according to Uswitch’s August report. Electricity prices might jump up to 80% in the coming months for British households.

Several countries are calling for the establishment of a European tariff shield. This is the case of Austria, which has taken exceptional measures aimed at reducing its energy consumption. Vienna is forced to give up the illuminations on its main avenue during the end of year celebrations. For its part, the Christmas market in the Austrian capital will be lit an hour later than usual.

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