Europe’s heatwave drives electricity prices to new highs as demand soars

Great Britain has paid at least six times the normal price for imported power as millions turn on air conditioning and windfarm output sags

The heatwave has prompted a sharp rise in electricity prices across European markets as millions turn to air conditioners and electric fans to battle record high temperatures, which have also caused a string of power plant outages across the continent.

Great Britain imported electricity from Europe at more than six times the normal price on Tuesday as the high-pressure heat dome has slowed wind speeds, hitting renewable energy generation, and led to outages at multiple gas plants across the country.