Electricity prices skyrocketed to record heights on Monday morning in Belgium due to unfavourable weather conditions.
Prices shot up to €2,300 per MegaWatt-hour due to a lack of wind and sun, causing wind turbines and solar panels to barely produce any renewable energy.
Solar and wind energy took a record share of 23% on the electricity grid in October as an increasing number of solar panels and wind farms are being put in place in Belgium.
In addition, temperatures have been low in Belgium, causing many to turn on electric heaters. That combined with France’s lack of nuclear capacity made the cost of electricity supply rise to €66/MWh.
However, the lack of production was worse than initially thought. There was a deficit of 800 MW, which corresponds to a small nuclear power plant, causing electricity grid manager Elia to send prices soaring.
The high prices are in stark contrast with the oversupply of electricity during Belgium’s first coronavirus lockdown, when the crisis caused wholesale electricity prices to drop below zero.
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