German wholesale electricity prices remain high
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Electricity Prices in Germany
In July 2024, electricity prices in Germany dropped to 67.71 euros per megawatt-hour, a significant decline from the record high of over 469 euros per megawatt-hour in August 2022.
Source: statista.com
Europe's Energy Crisis
In 2022, electricity prices across Europe skyrocketed due to several factors: cold winters increased heating demand, low wind speeds reduced wind power generation, and water shortages in summer limited hydropower production. The situation worsened with rising natural gas and coal prices, driven by shortages during the post-COVID-19 economic recovery and the impact of Russia's invasion of Ukraine. However, prices have been gradually falling since early 2023.