Eu news | EU electricity costs reach record highs.

Brussels might implement a regional price cap.

Due to rising energy demand and declining Russian gas flows, electricity prices in the EU's day-ahead spot markets soared to new highs on Thursday.

Day-ahead electricity prices increased the most in France, Belgium, and Germany, per data from the European Power Exchange. Germany, the biggest economy in Europe, saw prices increase from €599.83 to €699.44 per megawatt-hour on Thursday. The highest expenses were found in France, where costs increased from €630.62 to €706.32 per megawatt-hour the previous day. Prices there are now around seven times higher than they were last year. Additionally, the Netherlands, Denmark, Switzerland, and Austria all experienced price increases.

According to market data, prices in the euro area are currently multiple times higher than the average for the ten years between 2010 and 2020. New highs in the power market are becoming a virtually daily occurrence in Europe.

An emergency meeting of EU energy ministers may be called, according to reports that surfaced earlier on Thursday. A cap on electricity prices for the entire EU is being considered by the Czech Republic, which is now holding the EU presidency.

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