Europe’s Heat Crisis, Egypt’s Energy Opportunity
Europe's latest heatwave is doing more than straining electricity grids; it is reshaping the fundamentals of gas markets and exposing the vulnerabilities of the continent's energy system. As temperatures soar, electricity demand has surged across major economies. In Germany, daily power consumption increased by 10.18% from 1,267 gigawatt-hours (GWh) to 1,396 GWh within a fortnight, according to Eurelectric, the association representing the European electricity industry. Meanwhile, wholesale electricity prices climbed to nearly €160 per megawatt-hour (MWh) in France and exceeded €200 per MWh in Germany, with intraday spikes surpassing €600 per MWh at the height of the crisis, according to the European Gas Hub.