Belgium, the Netherlands, and Germany are setting record intraday electricity prices amid the ongoing European heat wave, as elevated temperatures curb solar output and reduce the efficiency of combined-cycle gas turbines (CCGTs).
Belgium, the Netherlands, and Germany have reached record-high power prices due to the current heat wave in Europe and its implications, said energy market intelligence provider Montel, arguing that extremely high temperatures reduce the efficiency of solar panels and of CCGT power plants.
CCGT plants operate less efficiently at high temperatures, losing between 0.5% and 0.9% of their output for every additional degree Celsius.
The Norwegian company said that, according to exchange data, Belgium set a new all-time high for the quarter-hourly electricity price at €1,038.25 ($1,181.63)/MWh for the 15-minute time slot starting at 8:45 p.m. (CET).
“The Netherlands also reached a new quarter-hour record price of €902.47/MWh, while the Danish bidding zone DK1 rose to €786.83/MWh. In Germany, Europe’s largest electricity market, quarter-hour prices also reached a record level of €747.10/MWh during the same evening period,” said Montel.
