Record high power prices make case for faster green transition, EU says

Euractiv | Sep 15, 2021 at 9:32 AM
  • Record high power prices in European Union countries show the bloc must wean itself off fossil fuels and speed up the transition to green energy, the EU’s top climate change official said on Tuesday (14 September).
  • Wholesale European power prices have doubled this year, driven by factors including soaring coal and gas prices, surging CO2 prices and lower than usual renewable energy output.
  • The EU carbon benchmark contract is trading at around €61 a tonne, not far off an all-time high set this month as more ambitious EU climate targets have helped buoy prices.