Electricity prices in Europe exceeded 600 euros per MWh due to lack of wind

Calm weather pushed exchange prices up

On November 9, during evening peak hours, wholesale electricity prices in Europe exceeded 600 euros per megawatt-hour. As reported by Zamon.uz, the cause was a sharp drop in output at wind farms: in Germany, the United Kingdom and the Benelux countries there is almost no wind. Forecasters predict that solar and wind power generation in the northwestern and central regions of the continent will remain low at least until Wednesday.

Gas-fired power plants and the cold intensify the rise

Since wind and solar plants do not cover demand, companies are forced to run natural gas thermal power plants, and the high price of gas further affects the exchange price of electricity. The situation is also worsened by temperatures 1–3 degrees below normal, which have increased heating demand. On the day-ahead market on November 9, the price per megawatt-hour was 334.12 euros in France and 345.64 euros in Germany; for France this is the highest price since December 2022. In individual 15-minute evening trading intervals, prices exceeded 600 euros. December electricity futures in Germany rose above 200 euros per megawatt-hour — twice last year's level.