In Germany, electricity prices have peaked in the last 12 months. The driver of growth was the upcoming cold snap and a decrease in the production of renewable energy sources. Futures for next month in Europe's largest economy rose 4.4%, reaching their highest value since October last year. Despite a relatively mild autumn, a colder winter is expected in most of the continent, which will lead to increased demand for electricity and natural gas. Weather forecasts point to lower temperatures in the coming days, especially in Berlin, where temperatures are expected to drop to 1°C. A decrease in the projected wind energy production in Germany for most of this week also has a negative impact on the market. The cold weather also encourages utilities to consume more natural gas from storage facilities, which contributes to higher fuel prices. Uncertainty about supplies from Russia adds even more risks to the market. As a result, the price of electricity in Germany for the next month increased to €108 per MWh, and in France – to €101.5.
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