In Europe, the price of electricity has risen at a record: the reason is named

Due to the shutdown of nuclear reactors in France, electricity in Germany will rise in price by more than 10% next year

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Electricity prices in Europe jumped to record levels after the French power generation company Electricite de France SA announced that two more nuclear reactors were shutting down. In this regard, electricity in Germany next year will rise in price by more than 10%, writes Bloomberg.

EDF reportedly intends to shut down two reactors at its Chooz nuclear power plant this week and extend the shutdown of two units at its Civaux site until spring to replace faulty pipes. Meanwhile, these facilities account for nearly 10% of France’s nuclear capacity.

The four reactors at Chooz and Civaux are the largest and newest of 56 French reactors. They were built in the 1990s and have a capacity of about 1,500 megawatts each. This is enough to supply millions of people around the clock.

EDF will shutdown the Chooz reactors by January 23, according to the documentation on the company’s website.

As for the Civaux units, they have been shut down for maintenance since the beginning of this fall. The shutdown of the second reactor, which was scheduled to resume next week, was extended by more than 3 months until March 31st. The shutdown of the Civaux-1 was extended by two months until 30 April.

The market is already very nervous and extremely sensitive, experts say. After all, market participants hoped for a fall in electricity prices.

France is a key exporter of electricity to neighboring countries via huge cross-border cables, which means the impact of the blackouts will be felt in Germany, Spain, Italy and the UK. So, according to the Bloomberg model, the peak demand in France alone next week will grow by 7% and exceed 80 gigawatts.

Is Europe going to have a cold winter?

Complicating the market situation is the fact that the air temperature in most of the continent will fall below average.

Temperatures will be below average in most of Europe next week, Maxar meteorologists say. At Christmas in Paris it will be 5 degrees Celsius below average.

Electricity in Germany jumped to 230 euros per megawatt hour at the European Energy Exchange AG for 2022. January futures rose 52 percent (to 600 euros) and broke the record.

The jump in electricity prices in Europe took place against the backdrop of a record gas shortage. Gas prices in Europe have already exceeded $ 1,700 per 1,000 cubic meters. m.

Experts believe that in Ukraine, electricity can rise in price up to 2.5-4 UAH / kW * h.

Read also how much will bread, sugar, milk and building materials cost in Ukraine due to the rise in gas prices.

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