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Electricity prices in Europe soar, photovoltaic energy system market is hot

Jul 28, 2022

Following last week's record-breaking heatwave, Europe's heat and energy crisis has been pushed to the brink of collapse.

According to media reports, drought conditions in France are intensifying due to high temperatures and a lack of rainfall. As of the 25th local time, 90 of France's 96 provinces have issued drought warnings and issued restrictions to save water.

Coincidentally, on July 20, the power grid in the eastern part of the British capital London was briefly interrupted, the air conditioner was turned off, and the demand for electricity surged, which in turn caused the grid to collapse. UK utilities' electricity prices were pushed to a record £9,724.54 ($11,685) per megawatt-hour, which is 5,000% higher than the average price of £178 ($215) per megawatt-hour.

Electricity prices in France hit a record high on Tuesday as gas prices pushed up the cost of electricity generation across Europe. The price of French electricity delivered next year rose 4.6% to a new record of 495 euros per megawatt hour. France is already facing problems with its nuclear power infrastructure, with falling capacity affecting electricity supply.

Install a photovoltaic system now to greatly reduce your electricity bills. Welcome to contact us if you need the solar energy system.

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Above news from CORIGY SOLAR Sales & Marketing department
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