Electricity consumption across Europe has returned to levels before the pandemic.

That’s according to the latest report by the European Commission which suggests the recovery of industrial and business activity in the last quarter of 2021 led to a 5% increase in consumption compared to the same period the year before.

The data presented in the quarterly report on European electricity markets also shows that wholesale electricity prices broke several records in 2021.

It suggests Ireland has the highest baseload electricity prices, 136€ (£113)/MWh on average, followed by the UK, Malta, Italy, and Greece.

Prices registered a sharp increase in the fourth quarter of 2021, due to the tightness in European gas markets fuelled by increasing global liquefied natural gas demand, low levels of storage and geopolitical tensions with Europe’s main gas supplier.

Last month, rating agency S&P Global Ratings predicted that the European energy prices will remain volatile and will keep increasing for more years.