Electricity prices in Europe hit ‘record record high’ in July, writes Bloomberg.
“Electricity in Germany for August is trading at €385 ($394) per megawatt hour, which is 23% more than this month’s average daily figure on the Epex spot exchange,” the material says.
According to the agency, this is due to abnormal temperatures and the possibility of gas shortages during the winter months.
Former EU High Representative for Foreign Affairs and Security Policy Josep Borrell declarationHe said European Union (EU) countries have halved their natural gas purchases from Russia since the start of the conflict in Ukraine.
He stressed that the European economy does not need to “stop gas purchases overnight”.
According to the head of European diplomacy, Brussels seriously considered imposing punitive taxes on Russian gas, but this proposal was rejected. At the same time, as the diplomat noted, the EU has decided to stop buying Russian oil from the end of 2022, and at the moment the countries of the union are in the process of stopping gas purchases from Russia.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.