Heatwave causes electricity prices to spike

The price of electricity in Belgium shot up to €57.61 per MWh yesterday, having stood during the entire month of June at between €34.19 and €48.46 per MWh. According to the newspaper L’Echo, the heatwave is the main reason behind the sudden spike. Electricity consumption rises with a rise in temperatures, as more use is made of fridges and airconditioning. 

On Thursday, at around midday, the megawatt charge on the Elia grid was 16 per cent higher than it had been at the same time last week. Normally, during the holidays, a drop in electricity consumption is expected. The increased demand for electricity pushed prices up.

The heatwave has also affected electricity supply, by increasing the risk of power failure and reducing the performance of electricity generating means. The efficiency of thermal power plants, which can less easily be cooled, in particular, decreased by 5% to 10%.

The grid is also affected because beyond 30°C, Elia is obliged to reduce the capacity of high voltage lines to avoid overheating.