> The EU price varies by renewables production.

This may be technically true at the moment, but the underlying reason for the high prices is fossil fuels: when renewable generation is low, natural gas peaker plants are generating, and these have the highest cost of any generation source, and by the merit order rules under which commodity markets such as electricity operate, the highest source price sets the price of the commodity.

The obvious and affordable mitigation for high prices is to build out massive battery storage capacities so that natural gas plants are needed far less often.