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Electricity price in Europe hits record due to lack of wind

Electricity prices in European countries rose to record levels, APA reports citing Scoop Trade.

So, according to the analytical company ICIS, in the UK the price per megawatt-hour has increased almost threefold since the beginning of August, and since September 2020 – almost sevenfold, amounting to € 331. This is a record since 1999. In Germany, the growth was not so significant, however, the price per megawatt-hour for the month increased by 30%, to almost € 130.

One of the reasons for this growth is a decrease in electricity production from wind farms in the North Sea, which, in turn, is associated with the absence of strong winds there in the past few weeks. To compensate for the losses, electricity was used, generated by gas and coal power plants. In turn, gas prices have also reached record levels due to the recovery of the global economy and the reduction of its reserves in storage facilities. Even the prices for coal, which have been declining for a long time, since this energy carrier is rejected in Europe due to its non-environmental friendliness, have stopped falling.

Source: Azeri-Press News Agency