The coronavirus crisis has pushed electricity prices in Belgium to a 10 year low, according to figures collected by Elia, the electricity grid operator.
The average price on the short-term market in April reached 15.7 euros/MWh. While these are provisional figures, they are not expected to rise any further, Elia explained. Over the last three months, prices have been at their lowest level in 10 years.
This is in stark contrast with April 2019, when the average price sat at EUR 37.9/MWh, more than double. The reason – according to experts – is simple: electricity production is high (nuclear, wind, solar) while demand stays low.
While more people are at home and using more electricity, the coronavirus crisis has forced many companies to close their doors, causing a drastic drop there.
These low short-term market prices are also weighing on suppliers’ prices. The federal regulator estimated that fixed contracts for electricity were down 13% in April compared to a year ago. Variable contracts fell by 18%.