Electricity price reaches new record on Sunday in Belgium

Europe: The cost of electricity in Belgium reached a new record on Sunday, all because of the lack of wind and the expectation of high temperatures next week.

According to sources, an average of €561.94 per megawatt hour for delivery on Monday was reached in the wholesale market on Sunday.

This surpasses the previous record from August 17 (€541 per MWh). Record gas prices have been driven ever higher as several French nuclear power stations are currently not operating and water levels are low, causing a drop in the production stations are currently not operating, and water levels are low, causing a drop in the production of hydroelectric power stations.

To add to the difficulties, calm atmospheric conditions have meant that windfarms are generating less power than usual.

The high temperatures of more than 30°C are again forecast for next week in mainland Europe, which bodes for increased use of air conditioning. As prices increase in France and Germany, electricity is being massively exported, pushing the cost upwards in Belgium.

Furthermore, those entering new energy contracts in the month of August will have their rates calculated on record electricity and gas prices. The Flemish regulator Breg estimates that the average annual electricity bill will reach €2,154.58 and gas €3,791.10.




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