Part 2/10:
Despite energy prices declining since the early tumult of the invasion, they still remain significantly elevated compared to pre-2022 levels. In Germany, for example, wholesale electricity prices have averaged €1,138 per megawatt-hour since March 2022—an astonishing 280% increase compared to the period between 2016 and 2019. Consumers in Germany are now paying almost four times more for electricity, while countries like France, Italy, and the Netherlands have witnessed increases over 200%. Spain, meanwhile, has seen a 103% rise.
Recent months have only exacerbated the situation; the average wholesale power prices surged to their highest levels in 20 months, with German prices hitting €1,000 per megawatt-hour at the beginning of December—marking an 18-year high.