Electricity prices are skyrocketing again. Peak gas prices, problems with the French nuclear power stations, hardly any production from wind and cold temperatures are causing new record prices on the electricity market.
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On the wholesale market, the forward price for 2022 is now 265 euros per megawatt hour. That is the price that is being asked to supply electricity next year. It is a new record. Prices are also skyrocketing in the short-term market: today 620 euros/MWh must be paid for delivery between 5:00 PM and 6:00 PM.
The rising gas price in particular is pushing up electricity prices. The supply of natural gas through the Yamal pipeline, which runs from Russia to Germany, was stopped on Tuesday. This results in a gas price of 163 euros/MWh: an absolute record.
In addition, there is little wind, quite cold and some French nuclear power stations are unexpectedly shut down. This means that France imports electricity at high prices.
• Effect of nuclear phase-out on electricity price ‘very limited’
The historically high electricity and gas prices are causing more and more small suppliers to fail. On Monday, Watz had to go to court to request protection from creditors. It is already the third supplier in the short term to run into financial difficulties.
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