Economy and Business > ENERGY CRISIS
The price of electricity in Europe has not stopped increasing for more than a decade and was aggravated by the war in Ukraine
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October 21, 2022 at 4:51 p.m.
The price of electricity in Europe has not stopped increasing for more than a decade. Nevertheless, the phenomenon has accelerated with the energy crisis that affects the continent since 2021 and the economic recovery after the pandemic, in addition to the fact that this trend has been aggravated for the war in Ukraine.
Heat waves that spiked electricity demand and disrupted production this summercombined with the reduction or even the cessation of Russian gas supplies to the EU, caused prices to rise again, with most countries posting all-time highs.
Although the shortage of energy supply affects the entire EU, andThe impact on electricity prices it is not the same everywhere. In September 2022, Italy, the largest net importer of electricity in the EU, had the highest price in the wholesale market, with more than 429 euros per megawatt hour. France and Germany have also seen prices skyrocket in recent months, but managed to keep the average below €400 per megawatt hour in September.
As the graph shows, this situation seems to be very far from the one observed in the Iberian Peninsulawhere he price of electricity in the Spanish wholesale market was still below 150 euros per megawatt/hour at the same time. In fact, the European Commission has granted an exception that allows Spain and Portugal limit the price of gas used in the production of electricity.
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