Electricity prices are soaring across Europe, with prices in Greece having surged by 34.5% in a
Electricity prices are soaring across Europe, with prices in Greece having surged by 34.5% in a single day, setting the average day-ahead market price at 141.58 euros per megawatt-hour (MWh). At peak hours, prices climbed to 425.83 euros/MWh, marking one of the steepest increases in recent months.
A Continental Shockwave
The surge was not limited to Greece. Energy exchanges across Europe turned red, recording unprecedented price hikes. In Romania and Bulgaria, prices rose by 43%, reaching nearly 142 euros/MWh. Serbia and Croatia saw jumps of 48% and 47%, with prices hitting 145 euros/MWh and 133.21 euros/MWh, respectively.
Hungary recorded a 36% rise to 136.17 euros/MWh, while Austria faced a 55% surge to 134.77 euros/MWh. Germany was up 37% to 122.72 euros/MWh. The steepest increases were seen in Lithuania and Latvia, where prices skyrocketed by 131%. Even typically stable Nordic markets like Norway and Denmark were not spared.
Why Prices Are Soaring
Analysts point to unusual weather conditions as the main culprit. A period of calm winds across Europe
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