EU electricity costs more than double since June (Up 600% over the year)

Source: https://alethonews.com/2022/08/16/eu-electricity-costs-more-than-double-since-june/
Published: Aug 16, 2022
Author: Mike Rivero
Post Date: 2022-08-16 18:28:51 by Horse
Views: 269

Power prices across the EU jumped to a fresh record high on Tuesday, as natural gas costs climbed further on falling supply from Russia, data from the European Energy Exchange AG shows.

Benchmark day-ahead prices in Germany advanced to €490.79 ($497) per megawatt-hour, from June’s average of €218.03, according to market data provider Nord Pool.

The current prices are almost six times higher than in August 2021.

The EU’s energy market is rattled by fears over whether power plants will be able to provide enough electricity this winter amid the tightening gas supply.

Gas prices in the region have quadrupled this year, driven by the drop in deliveries from Russia due to Ukraine-related sanctions and technical setbacks. EU countries have been trying to diversify imports by buying more liquefied natural gas (LNG), as well as increasing supplies of pipeline gas from Norway, Algeria and Azerbaijan. However, according to the EU’s top diplomat, Josep Borrell, the bloc is “approaching the limits of what extra gas” it can buy from “non-Russian sources.” Meanwhile, France has increasingly turned to nuclear power to generate additional electricity, while other EU states have been reviving coal-fired plants.

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#1: StraitGate    To: Horse (#0)

Six times higher is an increase of 500%, not 600%.

StraitGate posted on 2022-08-16 19:48:50   Reply   Private Reply

#2: Esso    To: StraitGate, 4um (#1)

Six times higher is an increase of 500%, not 600%.

OK, so 100% = 2x, 200% = 3x, 300% = 4x, right?

Gawd, I hope this dealie is linear. I'm way too old to remember that mathy stuff.

(Edit) Does it work the same in reverse, professor?

x - 100% = 0.9x, x - 200% = 0.8x, x - 300% = 0.8x...

And you wonder why my best buddy stroked out ten years ago... He was only a PhD.

Esso posted on 2022-08-16 19:57:29   Reply   Private Reply

#3: Horse    To: StraitGate (#1)

The original title was that electricity is double this cost of June. I did a short blurb to say it is 6 times or 600% of what it was a year ago but that would make for too long a title.

Horse posted on 2022-08-16 21:05:50   Reply   Private Reply

#4: Esso    To: Horse, 4um (#3)

Esso posted on 2022-08-16 21:13:53   Reply   Private Reply

#5: StraitGate    To: Esso (#2)

Percent Change = ([New Value / Old Value] - 1) X 100%

Example 1: $1.99 -> $4.39: ([$4.39 / $1.99] - 1) X 100% = 120.6%

Example 2: 35.7 A -> 16.2 A: ([16.2 A / 35.7 ] - 1) X 100% = -54.6%

Example 3: 212 mV -> -877 mV: ([-877 mV / 212 mV] - 1) X 100% = -513.7%

StraitGate posted on 2022-08-16 21:42:12   Reply   Private Reply

#6: StraitGate    To: Horse (#3)

Yes, understood. Just correcting your math, so nobody here will mistakenly believe that 6X means "up 600%". It means up 500%.

A $100 investment that grows to $125 (1.25X) is not up 125%. It's up 25%.

StraitGate posted on 2022-08-16 21:51:06   Reply   Private Reply