The purchase price for electricity is rising again. In the week from Monday 27 June to Sunday 3 July, the GME (Manager of Energy Markets) recorded an average purchase price for electricity (Pun) of 362.05 euros/MWh compared to 327.54 euros/MWh in the previous week. The electricity volumes traded directly on the GME exchange amounted to 4.7 million MWh with a liquidity of 74.3%. The average sales prices varied between 361.53 euros/MWh in Central South, South and Sardinia and 362.25 euros/MWh in North and Central North.
Nevertheless, the gas price on the Amsterdam market rose by 6.78 percent to 174 euros. Markets are in turmoil as Russian shipments are at their lowest.
The European Commission is working on a reform of the energy price system. This was confirmed by competition commissioner Margrethe Vestager into the microphones of French TV Bfm. “We are analyzing whether another calculation (between gas and other energy prices) is possible in order to moderate this market as long as the crisis of the war in Ukraine lasts,” explained the commissioner, but recalled how the index system used previously was “advantageous” to Europe during the war.
Signs of a slowdown in the European economy, which would urge the ECB to become less aggressive on interest rates, hit the markets for the euro, which ended at twenty-year lows against the dollar. The single currency thus falls 0.9% to 1.0331, returning to December 2022 levels. The central bank could hike rates in a range below last week’s forecast, according to operators quoted by Bloomberg. The latest figures released by France and Germany weigh heavily on the rise in inflation and the war.
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