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Applications of the Nexus-e platform

Electricity prices are surging in Europe

Electricity prices are surging in Europe.
- In the United Kingdom, wholesale electricity prices have risen to more than 10 times last decade’s average.
- The key European Union benchmark power contract has doubled this year.
- In Spain, soaring electricity prices are front-page news and have prompted protests against the government.
- In Germany, power prices have exceeded their 2008 peak.
The price for electricity, much of which is still generated from gas and coal, is soaring due to high natural gas and coal
- As of September, European natural gas spot prices were about six times what they were at this time in 2019, the last pre-pandemic year.
- Coal prices have similarly skyrocketed for several reasons, including the gas price surge since coal can substitute for gas in electricity generation