Bloomberg has reported a record for electricity prices in Northern Europe since 2022

Electricity prices in Northern Europe have risen to their highest level since the beginning of the energy crisis in late 2022 amid rising demand due to the severe cold snap and the inability to offset supplies with wind power. This was reported on February 9 by Bloomberg.

Thus, prices on the Nord Pool exchange increased by 6.8% to €158.53 per megawatt hour, while the level of electricity generation from wind is about 30% of the normal level.

According to Atmospheric G2, unusually cold weather has been established in the Scandinavian region since mid-January, and there will be no signs of weakening until the end of February, the publication says.

"Given that temperatures and precipitation are still below average, this creates a very optimistic mood," said Carsten Sander Nielsen, market analyst at Mind Energy.

The publication notes that at the same time, the cost of a one-day contract in France fell to €55.56, which is the lowest level since January 1. It is specified that this happened due to moderate temperatures and high energy production by nuclear power plants.

The level of gas reserves in Europe's underground storage facilities dropped below 40% on February 4. The average price of EU gas purchases in January 2026 was $415 per 1,000 cubic meters compared to $334 in December 2025 due to the cold snap.

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