The year-ahead contract soared to 850 euros per megawatt hours (MWh) in Germany while in France it surged past 1,000 euros -- a stark contrast from 85 euros in both countries last year.
Energy prices are soaring in Europe as Russia has slashed natural gas supplies to the continent, with fears of more drastic cuts in the winter amid tensions between Moscow and the West over the war.
The shutdown of several nuclear reactors in France due to corrosion issues has contributed to the electricity price increase as power production has dramatically decreased in the country.
European countries have launched energy savings campaigns to prepare for the winter. Finns, for instance, are being encourated to take fewer saunas during their country’s winter months. In Luxembourg, public buildings will be required to limit their temperature to a maximum 20°C.
Share your money-saving tips as the cost of living surges
The stark rise in prices comes as the Czech prime minister said on Friday that the EU presidency held by his country would convene urgent talks to deal with the current energy crisis.Approved by European Commission head Ursula von der Leyen, the move comes as the 27-nation bloc is trying to shed dependence on supplies of Russian oil and gas following the Ukraine invasion that started on February 24.
Reduced supplies and anxiety over the future have sparked a rocket growth in energy prices across Europe.
Czech Industry and Trade Minister Jozef Sikela said the EU Energy Council should meet “at the earliest possible date”.
“We are in an energy war with Russia and it is damaging the whole EU,” he said on Twitter.
