Belgian electricity price shatters a new record

The Belgian electricity price reached a new record this Sunday 21 August. The lack of wind and the expectation of further high temperatures next week have pushed prices up. An average of 561.94 euros per megawatt hour for Monday delivery was reached on the wholesale market on Sunday, according to a trader. This is a new record, the previous one dating from August 17 (541 euros per MWh).

Record gas prices, the unavailability of several French nuclear power stations and low water levels, which lead to a drop in the production of hydroelectric power stations, explain this surge in prices. In addition, the lack of wind in continental Europe and the new high temperatures forecast for next week (with more than 30°C forecast), which bode well for increased use of air conditioning, are also exerting pressure on prices.

Due to even higher prices in France and Germany, electricity is also massively exported, which leads to high prices also in Belgium.

Anyone due to enter into a new energy contract in August will have to rely on record electricity and gas prices. The Flemish regulator Vreg estimates that the average annual electricity bill will reach 2,154.58 euros and that of gas 3,791.10 euros.

(VIV)

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