A lack of wind this weekend has sent energy costs soaring across Europe, with electricity prices in Germany reaching their highest levels in seven months.
On the "day-ahead" market (where electricity is paid for delivery on Monday) the price of a megawatt-hour (MWh) of electricity in Germany exceeded €150, an amount not seen since mid-February. On Monday evening, the price is forecast to peak at €524 per MWh.
Electricity is also expensive in the Netherlands: more than €148 per MWh. The situation is not much different in Belgium: €133.4 per MWh, with a peak of roughly €330 expected between 20:00 and 21:00 on Monday night.
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Experts attribute this phenomenon to a lack of wind power production following several days of hot, still weather. In addition, Belgium is currently experiencing reduced nuclear energy production.
As a result, the energy prices "becomes more volatile, more quickly during small anomalies", said Matthias Detremmerie, a trader at energy supplier Elindus.
