French and German Electricity Prices Up by 1,000 Per Cent over 2021
France and Germany both set records on Friday for electricity prices, as the sanctions war with Russia continues to bite.
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This time last year the cost of electricity per megawatt-hour (MWh) in both France and Germany sat at around 85 euros. On Friday, both countries set record highs, with the cost climbing by at least 1,000 per cent from last year to €850 in Germany and over €1,000 in France, Le Monde reports.
While the price of energy has been rising since the end of the lockdown measures across the world last summer, Europe, and Germany in particular, have been subject to soaring prices as a result of slowing flows of gas from Russia following the sanctions clash following the February invasion of Ukraine, with many thermal power plants using natural gas to generate electricity.
Despite longstanding warnings from figures such as former President Donald Trump, Germany has remained heavily reliant on Russia for gas while it has pursued so-called green energy sources and shut down nuclear power stations.