Soaring Electricity Bills: Hefty Hikes Announced for July

The price for June remained below €100 per megawatt hour, primarily due to the increased participation of renewables over the weekend, with prices dropping to €54.28/MWh yesterday. As a result, the average electricity price for June settled at €98.89/MWh, compared to €81 in May and €60 in April. June saw a significant price increase of €17.8 per megawatt hour, setting the stage for a rise in electricity prices expected to be announced by energy suppliers later tonight.

This surge in prices is driven by exceptionally high temperatures, which have increased demand as air conditioners operated at full capacity throughout the month, boosting electricity consumption.

July is also showing signs of steep increases, with a rise of 174%, setting the wholesale price at €148 per megawatt hour. Greece and Bulgaria now have the highest prices on the European map, with the average next-day wholesale price reflecting this trend. Additionally, falling winds and the need for cooling have led to the increased use of expensive natural gas units in the power system, particularly during peak evening hours (8pm-10pm), pushing prices to a high of €364.74 per megawatt hour and a low of €85.

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