Electricity prices in Europe jumped to all-time highs on Aug. 26, intensifying the energy crisis caused by Russia's invasion of Ukraine as winter nears.
The year-ahead contract price for electricity in Germany hit 995 euros ($995) per megawatt hour, while that in France soared beyond 1,100 euros, up more than tenfold from the previous year in both nations.
UK’s energy regulator Ofgem said it would increase the electricity and gas price cap almost twofold from October 1 to an average £3,549 ($4,197) per year.
Ofgem attributed the price surge to global wholesale gas prices following the removal of Covid-19 related restrictions and Russia’s cut to natural gas supply.
