Price explosion! Electricity is ten times more expensive than in 2021

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Due to massive inflation, the price of electricity has increased more than tenfold in just one year. More and more energy suppliers are in trouble.

These are extreme market situations: Last week, the price of electricity on the stock exchange rose to almost 1,000 euros per megawatt hour. A year ago, it was still at 86 euros, Energie AG Oberösterreich reports.

As reported, the price jump has put Wien Energie in a tight spot: the company is short about 1.7 billion euros in collateral. It has applied to the federal government for financial assistance.

Energie AG says it currently sees “no need to apply for state aid.”

“However, the situation in the overall energy system is very tense,” the utility said. “Here, the state could help calm the situation by issuing security guarantees or similar instruments.”

In any case, as reported, the price of electricity for end customers will remain at an above-average level for longer: “Since gas prices are likely to remain high for some time, there is no great relief in sight on the electricity side either,” says Johannes Mayer of E-Control.

The expert does not expect things to settle down until the second quarter of 2023.

  • source: heute.at/picture:pixabay.com
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