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The average wholesale electricity price in Germany declined by almost 40 percent year-on-year in March 2024. In August 2022, figures reached a record high, at over 469 euros per megawatt-hour.
Energy crisis in Europe
In 2022, electricity prices in Europe soared. This was the result of a myriad of factors, including increased heating demand due to cold winters, a drop in wind power generation due to low wind speeds, and water scarcity in the summer leading to reduced hydropower production. A rise in natural gas and coal prices ensued from…