- Sep 17, 2021 8:19 pm GMT
"Energy prices surged across Europe recently as markets were stricken by reduced output from wind turbines. Low supplies of natural gas had already boosted the cost of the gas–powered generation required to make up for dips in renewable energy sources. The result: a series of dire headlines, soaring prices for natural gas, and the startup of idled coal power plants.
The situation was particularly grim in the United Kingdom, prompting concerns about how markets will perform during the colder winter months. “The sudden slowdown in wind-driven electricity production off the coast of the U.K. in recent weeks whipsawed through regional energy markets,” the Wall Street Journal reported on September 13. “Gas and coal-fired electricity plants were called in to make up the shortfall from wind.”
Continental Europe is suffering from higher energy prices as well. The New York Times recently reported that wholesale natural gas prices in Europe are currently five times higher than pre-pandemic levels recorded during the same time period in 2019. According to Reuters, European consumers are unlikely to see relief from the high prices before the end of the year."
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