The rise in energy prices is partly due to the failure of several French nuclear power stations. The low water level also contributes, because hydroelectric power stations can supply less electricity. Electricity is expensive throughout Europe due to the high price of natural gas, which is needed to keep power stations running.
Due to the high summer temperatures in Europe, the demand for natural gas is all the higher. For example, the low level of water in rivers hinders the transport of alternative fuels such as coal. The price of natural gas on the Amsterdam stock exchange therefore rose: Tuesday by more than 8%, on Monday the stock market ended with an increase of 6.8%.
Liquid gas
On Tuesday, the German government signed a deal with energy companies for the import of liquefied gas through two new floating terminals, in Brunsbüttel and Wilhelmshaven. They will be operational at the end of the year and in the winter respectively.
Liquefied gas, also known as LNG, is helping European countries to become less dependent on Russian gas. By filling gas storages with it, countries are preparing for winter. The German government is in talks with Qatar about the supply of LNG.