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Gas prices and nuclear outages put European grid at breaking point.

Prices in France and Germany and across Europe have again jumped to unprecedented levels thanks to soaring cost of gas and massive nuclear shortfalls.

Gas prices and nuclear outages put European grid at breaking point — RenewEconomy 1 Sept 22.

The month of August has been confirmed as the most expensive month ever for electricity in Europe, as markets were buffeted by the soaring cost of gas and outages that have taken up to two third’s of France’s nuclear capacity offline at time.

The twin impact of the soaring gas price – largely caused by the Russia invasion but exacerbated by French nuclear outages and reduced output from hydro power due to water shortages – has also prompted the EU to find new ways to shield the market from the impact of soaring fossil fuel prices.

According to analysts Rystad Energy, Italy – heavily dependent on imports from France’s nuclear fleet which have now all but stopped – became the first market to record a monthly average spot price above €500 per megawatt hour, with an average price of €547. 

France came close to also breaking the €500 barrier, averaging €492, while Germany followed at €465 and the UK came in at €438.

And it is not going to get any better any time soon. In the past week, the average price surged to more than €600/MWh in the Italy, France and the UK, and on Monday France recorded a new record daily average price of €744/MWh as its nuclear output plumbed to new lows due to planned and unplanned outages.

In the coming winter, the picture looks even more bleak…………………….

the most expensive generator sets the price for the whole market, and for each unit of electricity delivered.

This has already crippled the France’s EdF, majority owned by the state, which is spending an estimated €40 billion buying expensive electricity on market to make up for the staggering shortfalls in production from its nuclear fleet.

France has gone from being a major and often the biggest exporter of electricity to the biggest importer, which is causing pressure on prices all over the continent as it sucks in much needed supply from other countries…………………… more https://reneweconomy.com.au/gas-prices-and-nuclear-outages-put-european-grid-at-breaking-point/

August 31, 2022 - Posted by | business and costs, EUROPE

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