- The lack of wind sent Europe’s electricity prices soaring to their highest levels since the end of 2022, when Europe was in the midst of an energy crisis due to concerns about supplies of Russian gas.
- That’s saying something since Europe — and Germany in particular — now appears to be amid a permanent energy crisis.
- Yesterday, German consumers paid an average of $400 per megawatt-hour for electricity. During peak times, prices in Germany’s wholesale power market came close to $1,000 per MWh, the highest level in 18 years.
Here’s how a reporter with Spain’s El Pais newspaper explained the situation:
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