The increase in electricity and natural gas prices was caused by several factors according to estimates made by AFEER, the Romanian Energy Suppliers Association.
According to AFEER, the main elements that led to record increases in energy and gas prices include the price of carbon (CO2) emissions, rising fuel prices, an increase in electricity consumption by about 8 per cent compared to the previous year and lack of investment on the production side.
In particular, the price of carbon went from 20-30 euros in 2020 to 60-70 euros nowadays, a clear consequence of the decarbonisation targets which the European Union has committed to.
Overall, according to energy suppliers, the reasons for price increases around the world are multiple: the growth of energy demand which comes at the same time with the economic recovery, the limited growth of energy supplies like oil, gas and coal and a much lower level of gas stocks at European and global levels.
Therefore, AFEER representatives estimate that, most likely, electricity and gas prices on the European market will stabilise at normal prices in the middle or even end of next year.