Electricity prices soared to record high in Europe, ringing alarm bells on the severity of the energy crisis the region faces.
French year-ahead electricity prices skyrocketed 25% to 1130 euros per megawatt-hour, according to data from the European Energy Exchange. It’s the first time French electricity has blasted above 1,000 euros.
German electricity prices, which are the European benchmark, surged 33% on Friday to a new record of 995 euros per megawatt hour.
Meanwhile, UK heating costs will increase by 178% this winter compared to last year, an industry regulator said, underscoring the growing burden consumers will bear.
European natural gas futures have soared for six consecutive weeks as Russia continues to slash deliveries. Next week, Russia’s Nord Stream 1 gas pipeline will shut down for three days.
Adding to France’s massive problems, a French utility firm will delay the reopening of several nuclear plants, putting additional stress on other sources of power.
The Czech Republic’s top energy regulator floated holding an emergency EU meeting for leaders to discuss the energy crisis, although a date has not been officially proposed.