Extreme heat pushes Romania's electricity prices to EU record high

Romania recorded the highest electricity prices in the European Union on June 29, with rates on the country's day-ahead market reaching €224 per megawatt-hour (MWh), Digi24 reports.

Hungary ranked second in the EU in terms of electricity prices, while Romania's rates were approximately two and a half times higher than those in neighboring Bulgaria and Greece, where electricity traded at €90/MWh and €87/MWh, respectively.

The sharp increase in prices has been attributed to an intense heatwave, surging electricity consumption, and a severe shortage of energy storage capacity.

Energy expert Ciprian Cherciu said Romania's electricity prices "could be significantly lower if the large differences between the low daytime price and the very high evening price could be smoothed out."

According to Cherciu, improving the balance between daytime and evening electricity prices would help reduce overall costs for consumers and ease pressure on the energy market.

Despite the record-high prices, the expert stressed that the likelihood of power outages remains low, reassuring that the country's electricity system is not facing an imminent risk of supply disruptions.

By Vafa Guliyeva