Strong impact on energy prices due to heat waves in Europe

Europe is experiencing a heat wave over the last weeks and any significant change of weather conditions cannot be expecting in the following days. One of the Polish economic portals Money.pl points out, that current weather conditions on the old continent directly translates into an high increase of energy price.

There are several reasons for this and the most important is increase in the prices of raw materials used to generate energy –  oil and gas – as well as certificates for carbon dioxide emission rights. Another issue is managing the costs of spot energy orders, which very often is the only solution to meet highly increased demand during hot days, as recently in Europe. Climate trends observed over past few years show an progressive increase in average monthly temperatures and it can be assumed it will continue in the following years. This means, that the demand for energy used by refrigerators and air conditioning systems during Summer will continue to rise.

At the same time according to International Energy Agency total power of air conditioning systems in the European Union exceeds 75 GW, that is 3 times more that the energy demand of Poland in its peak level. Statistics shows that energy used by air conditioning systems takes bigger and bigger part of total energy consumption and will grow in the future. There is also a growing interest in cooling systems in countries where they have not been so popular until recently.

Read more (PL): https://www.money.pl/gospodarka/wiadomosci/artykul/ceny-pradu-susza,21,0,2412053.html

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