[EU report: electricity prices in European Market hit an all-time High in 2022] the European Commission released a report on the natural gas and electricity market for 2022. According to the report, natural gas prices in the European market were at record highs in August and September 2022, falling briefly in the fourth quarter but still high. In 2022, wholesale electricity prices in the European market repeatedly reached record highs, reaching an all-time high in August. In 2022, the average European electricity benchmark price is 230 euros per megawatt hour, 121% higher than in 2021.