September 22, 2022
Electricity prices are rising in Germany

Electricity prices are rising in Germany

Electricity prices are rising in Germany

This year due to intense heatwaves, lack of rain and reduction of underground water, navigation on an important European river used for energy transportation has been limited, so the price of electricity in Germany has reached a record high, according to the country’s energy sector stakeholders. However, the situation will be more difficult in the coming cold season, says the government.

As the saying goes, good days come with bad days. Unstable Germany in the energy crisis is facing such a reality. On the one hand, the supply of gas from Russia to Europe is almost stopped, on the other hand, the severe pressure on Europe’s energy supply in this summer heat has deepened the crisis.

These pressures are having a huge impact on businesses and personal incomes not only in Germany, but across Europe. However, German Chancellor Olaf Scholz has given an advance warning that this crisis will intensify with the increase in energy demand in the coming winter.

He said, where there is no need, waste of energy should be prevented

Electricity prices are rising in Germany

European countries are becoming more dependent on coal in recent times to save gas. However, due to the reduction of water in important rivers including the Rhine in Germany, coal transportation by sea is about to be stopped.

Meanwhile, on the European Energy Exchange, Germany’s electricity price per megawatt next year is forecast to rise 3.2 percent to 420 euros, 5 times higher than the previous price.

Meanwhile, wind power production has also decreased at an alarming rate in various European countries including Germany. Therefore, countries’ dependence on fossil fuel-based power plants for electricity has increased more than ever before.

In this situation, if the old nuclear power plants in countries like Germany and France are not restarted, the crisis will intensify.