Together, natural gas and coal still supply more than 35% of the EU's total production, with gas representing over a fifth.
This, in turn, has sent electricity prices skyrocketing.Īlthough the European Union is gradually cutting down on its long-time dependency on fossil fuels – renewables became the bloc's main source of electricity for the first time in 2020 – the shift has not been fast and widespread enough to contain the fallout from the crunch. Prices of natural gas are skyrocketing: at the Dutch Title Transfer Facility, Europe's leading benchmark, prices have risen from €16 megawatt per hour in early January to €88 by late October, a hike of more than 450% in less than one year.
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