Energy consumers of all categories are heading into the winter season facing doubled natural gas prices compared to a year ago, a growing problem for the government that could have political repercussions.
EU leaders are scrambling for solutions to quell an unfavorable combination of factors in international markets that have sparked this extreme situation, pushing the energy market beyond control.
Indicatively, one of the country’s major natural gas suppliers has just set retail tariffs at around 9 to 9.5 cents per KWh, up from 4.5 cents a year earlier. Things could get worse in the winter.
The situation is also alarming in the electricity market where retail price increases of approximately 40 percent in October could rise by just as much in the next few weeks.
The wholesale electricity price for today is at 178.29 euros per MWh. The November price surge for natural gas futures contracts, up 20 percent in just one day, yesterday, would increase next month’s wholesale electricity prices to levels of 255 euros per MWh if the overall situation remains unchanged.