August was the most expensive month on record for power tariffs in Europe, as the Russia-Ukraine conflict continues to push gas prices higher, Rystad Energy has said.
European electricity tariffs rose further last week and the record from July was beaten in Italy, France, Germany and the UK.
Italy was the first market ever to register a monthly spot price above €500 ($500.15) per megawatt hour, as the average for August climbed to €547 per MWh, the Oslo-based global energy research company said in a report on Wednesday.
France was close to edging past the €500 mark, averaging €492 per MWh, followed by Germany at €465 per MWh and the UK at €438 per MWh.
“Germany and the UK were also the countries that saw the largest increase last month, with a 48 per cent and 53 per cent increase, respectively. The increase was in the range of 20 per cent in both France and Italy,” said senior Rystad analyst Fabian Ronningen.
“This [sharp increase] had the effect of closing some of the gap in prices seen earlier in the year, especially the gap between French and German prices [which] closed significantly.”
Italy, France and the UK all averaging above €600 per MWh last week, a record seven-day high.
“The first few days of week 35 [of this year] are not looking better, with fresh daily records. On Monday, France recorded an eye-watering €744 [per MWh] as the daily average price in the spot market [hit] a new record as well,” Mr Ronningen said.
Gas prices in European markets have risen steeply after a reduction in flows from Russia through the Nord Stream 1, exacerbating the region's energy woes.
On Wednesday, Russia's Gazprom completely shut the pipeline to carry out maintenance work and it said it would reopen on September 3.
Rystad said a surge in gas prices to a record over the past week is mainly to blame for the significant increase in energy prices across Europe that is driving inflation and threatening to push the bloc into recession.
The energy futures market has also been incredibly volatile, with German and French front-year trading above €1,000 on Monday, a first for Germany, Rystad said.
However, the downward price movement since then has been extreme as well. On Tuesday, German futures closed 41 per cent lower since the intraday peak on Monday, driven by a similar movement in the gas market.
Benchmark Dutch futures for October fell as much as 13 per cent on Wednesday and settled 9.6 per cent lower amid thin volumes and volatile trading.
With little respite on the horizon, European nations are bracing for a hard winter and policymakers are now considering market intervention to curb prices and protect consumers and businesses.
“It is still not clear what market design will be selected, but both an electricity price cap and a gas price cap are on the table,” Mr Ronningen said.
“One of the key issues targeted to be solved is to decouple the gas and electricity market, and it is not obvious how this should be done most effectively in a liberalised electricity market like the European one.”
With gas supplies from the US, the EU has met its goal to fill storage two months before target, providing some relief after last week’s rally. However, concerns remain that Russia may clamp down further on gas exports to the continent.
Russia’s Gazprom, earlier this week, said it will stop gas supplies to French energy company Engie over payment issues, a move which increases the risk of a widening supply gap.
EU countries are also taking several steps to reduce the use of gas, both through an overall regional agreement and more specific measures by individual countries and companies, Rystad said earlier this month.
The bloc's plan to reduce gas consumption by 15 per cent between August and March came into effect as it prepares for the winter months.
The final package is a compromise in which the cuts are initially voluntary and could become mandatory if enough countries request them. A number of members, including island states, can claim exemptions.
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
The years Ramadan fell in May
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Saturday April 27: Awards ceremony, 4pm and 8pm
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
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Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
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Sand storm
- Particle size: Larger, heavier sand grains
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- Duration: Short-lived, typically localised
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Dust storm
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- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
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COMPANY%20PROFILE
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
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England 2 (Lingard 78', Kane 85')
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
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Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
