PVTIME – The Norwegian energy market analytics firm Montel has confirmed that the extreme heatwave sweeping across Europe has driven wholesale electricity prices in Belgium, the Netherlands and Germany to unprecedented levels. High temperatures have suppressed the operational efficiency of photovoltaic panels and combined-cycle gas turbine power stations.
Trading records from regional power exchanges show that Belgium set an all-time quarter-hour power price record of EUR 1,038.25/MWh (equivalent to USD 1,181.63/MWh) for the delivery period starting at 20:45 Central European Time. Montel also noted that the Netherlands recorded a peak price of EUR 902.47/MWh, Denmark’s DK1 bidding zone hit EUR 786.83/MWh and Germany registered a historic high of EUR 747.10/MWh within the same evening trading window.
Data from the Montel EQ platform indicates that Germany’s residual power load reached 51.5GW, with the generation gap unmet by wind and solar capacity standing at 10.4GW above typical seasonal levels. Montel explained that the sharp price hikes were driven by soaring demand for air conditioning and refrigeration, which was most pronounced during evening peak hours. Diminished solar output after dusk coincided with sustained cooling power requirements, forcing the deployment of high-cost generating assets to stabilise regional electricity supply and demand balances.
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