Dutch electricity prices will skyrocket on Wednesday evening to their highest levels in years, according to data from trading platform Epex Spot. Record demand for air conditioning and cooling systems amid soaring temperatures is pushing power markets across Europe to their limits. Consequently, dynamic retail electricity prices will hit an all-time high, according to comparison website Keuze.nl.
Wholesale prices surge near record peaks
On the wholesale market, electricity prices will hit 902.47 euros per megawatt-hour at 20:45 on Wednesday. An Epex Spot spokesperson confirmed this marks the highest price in years, approaching the all-time record of 950 euros per megawatt-hour set in May 2007.
The intense heatwave is driving up energy tariffs across the entire continent. French electricity rates reached their highest point since 2022, while German prices hit a two-year peak. In Belgium, wholesale prices surged past 1,000 euros per megawatt-hour for the first time since 2020.
Supply shortages strain the grid
In addition to soaring evening cooling demands, several supply-side issues are placing the European power grid under intense pressure. Weak wind conditions across the continent have severely reduced wind energy generation. Simultaneously, technical and operational limitations at several French nuclear power plants have further constrained regional supply.
Households with dynamic energy contracts can avoid extreme costs by timing their energy use carefully. Experts recommend running heavy household appliances either before 19:30 or after 22:00 on Wednesday. According to Keuze.nl, the dynamic consumer power price will spike to 1.203 euros per kilowatt-hour at 20:45. This rate is nearly four times higher than a typical summer evening price. While consumer rates had already risen on Tuesday evening, Wednesday’s peak adds an extra 30 cents per kilowatt-hour to that surge.
@ anp | NEWS BRAINPORT
