Gas and electricity prices shoot up and return to the highs of the month of March – Faro de Vigo

Fearing a supply cut by Russia, gas prices have shot up in Europe to highs in March. Yesterday, in the Dutch market – a European benchmark – natural gas futures contracts reached 295 euros per megawatt hour (MWh). It’s not the only thing that goes up. Electricity will rise today by nearly 20% to 436.25 euros MWh, its fourth highest price since there are records, according to the results of the auction in the wholesale market and the adjustment to be paid after the gas cap to compensate the plants that use this material. It is, therefore, the price is the highest since the gas cap came into force and the highest since last March 9, almost two weeks after the start of the Russian invasion of Ukraine, and just one day after to mark its historical maximum (544.98 euros/MWh).