Natural gas price hits new high
Gas prices in Europe rose again and reached new highs, reaching levels very close to 200 euros per megawatt-hour, as part of the sanctions imposed on Russia for the invasion of Ukraine, according to Bloomberg.
Wholesale electricity prices in Europe, including the Iberian Peninsula, could rise to historic levels in the coming hours, as gas prices hit €180 per megawatt-hour.
The average wholesale price of electricity in Portugal and Spain on the Iberian market on Thursday was 341 euros per megawatt hour. The highest daily electricity generation price recorded in Portugal and Spain to date was €383.67 per MWh on December 23, 2021.
The "commodities" market was also affected at a time when inflation is also rising after the Covid 19 pandemic, given the invasion and sanctions applied to Russia.
The rise in electricity prices comes at a time when Europe is suffering from an energy supply crisis, with energy reserves at historic lows.
Analysts at consultancy Engie EnergyScan warned that "the war is wreaking havoc on Ukrainian gas facilities, with significantly lower production and air strikes on two gas pipelines in the Kharkiv region", predicting further sanctions "consequences of tightening policy".
While the sanctions imposed on Russia do not specifically target natural resources, markets and operators are avoiding doing business with Russian suppliers, including Gazprom PJSC.
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