Energy rates at highs unseen since the energy crisis
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The wholesale electricity markets of South and Eastern Europe are seeing prices reminiscent of the energy crisis, led by the Hungarian market, where the rate on Wednesday shot up to 263.99 euros per megawatt-hour.
In the Greek market, too, the MWh price in the evening hours reached as much as €500, forming an average daily price at the highs of €184.79. The price is more than €80/MWh higher than the already high prices of May and June.
The Balkan region has been in the grips of a protracted heatwave, which has raised demand for electricity due to increased use of air-conditioning. This alarming development is predicted to worsen until July 22 at least.
