European power prices surged by around 150% between January-September period while prices in Turkish power market, EXIST, increased by 75% during the same period, data compiled by Anadolu Agency shows.
The global energy crisis, driven by unprecedented natural gas and coal demand, supply imbalances and price shocks along with the record carbon prices reflected on the power markets.
European natural gas prices surged by over 700% compared to September 2020, reaching €160 per megawatt-hour in Dutch Title Transfer Facility (TTF) while coal prices quadrupled as the supply fell short of meeting the fast-growing demand.
The record breaking gas prices and gas-to-coal switching in electricity generation in some countries put pressure on the power markets.
This resulted in substantial gas-to-coal switching in the European power sector despite strong gains in carbon prices. While coal-based generation rose by close to 15%, gas-fired power output plummeted by over 12% year-on-year during the third quarter.
Carbon prices also reached record levels of up to €65 per tonne last month.
According to Norway based Nord Pool, the average monthly electricity prices in the UK increased by around 146%, from an average €90 per megawatt-hour in January 2021 to €221 in September 2021.
Monthly average of power prices in Germany per megawatt-hour rose by 148% from €52 to €129 during the same period while this increase was 157% in Italy and Spain as the average monthly power price per megawatt-hour reached €154 from €60, according to EPEX spot market.
France saw a surge of 123% in power market price from a monthly average of €60 per megawatt-hour in January 2021 to €134 in September 2021.
The monthly average of power price per megawatt-hour in Turkish spot electricity market, EXIST, rose by 75% during the same period, from 298 Turkish lira to 521 Turkish lira.
€1 equals 10.75 Turkish liras at 1228 GMT on Sunday.
By Nuran Erkul Kaya