Belgian electricity price hits new high

Belgian electricity price hits new high
Credit: Belga

The cost of electricity in Belgium reached a new record on Sunday, thanks to a lack of wind and the expectation of high temperatures next week.

An average of €561.94 per megawatt hour for delivery on Monday was reached on the wholesale market on Sunday, according to a traders.

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 of hydroelectric power stations.

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

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High temperatures of over 30°C are again forecast for next week on mainland Europe, which bodes for an increased use of air conditioning. As prices rise in France and Germany, electricity is being massively exported, pushing prices up in Belgium.

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

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