March 28, 2023 8:22 pm

Wim Van Hooydonk Warnings and Updates – Belgian electricity price hits new high

wim's news power grid

Due to a lack of wind and high temperatures expected next week, Belgium’s electricity price reached a record on Sunday.

The wholesale market on Sunday reached an average price of €561.94 per megawatt hour for delivery on Monday, according to traders.

It beats the previous record (€541 per MWh) from August 17. As several French nuclear power stations are currently not operating and water levels are low, hydroelectric power stations are experiencing a drop in production, driving up gas prices even higher.

Windfarms have generated less power than usual due to calm atmospheric conditions.

Next week, mainland Europe is expected to experience high temperatures of over 30°C, which will increase air conditioning use. Belgium’s electricity prices are rising as France and Germany’s prices rise.

New energy contracts entered in August will be based on record electricity and gas prices. According to the Flemish regulator Vreg, the average annual electricity bill will reach €2,154.58 and the average annual gas bill will reach €3,791.10.

Read more here

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