Russia-Ukraine conflict results in increasing gas prices by 40% across Europe

In Europe, the Russian invasion on Ukraine is becoming a reason for the continuous rise in electricity and natural gas prices, has set a record, and has been reached heights by setting a record.

As per the data provided by the sources, in March, the gas price has been increased by 40 per cent to about €125 per megawatt-hour (MWh). On the other hand, the price for the supply of electricity is also rising 40 per cent to €300 per MWh.

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As per the energy trader Matthias Detremmerie of hedge supplier Elindus, energy traders in Europe have been hoarding “for fear that the complete drying up of Russian gas imports, or potential damage to the gas network towards Europe, would further widen the conflict.”

Along with this, the traders are worried that the sanctions that the West imposes against Russia might soon lead to Russia’s retaliation.

On 22 February Thursday, that is not the case, then Russia exports gas among the overall European borders that have been noticed as 10 per cent higher than to Wednesday.

In addition, the cost for the upcoming deliveries of electricity and gas in Europe are boosting, rising by as much as 50 per cent.

Currently, the prices have been reached at the highest level since the middle of December at the time of the concern of the lack led to historically high prices.

On the other hand, Belgium is not leaving the extreme rise in the price on the Belgian wholesale market. On Friday, 25 February, the historically high prices will be stretched out.

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Furthermore, between 22:00 and 24:00 hours, the duration is €378 per MWh.

Approximately at 19:00, the price can be reached at €463 per MWh, and the people have to pay this, which is going to be the second-highest electricity price for the nation.

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