The wholesale price of electricity in France exceeds 1,000 euros per megawatt hour, compared to 85 euros a year ago
In a crazy week for energy prices in Europe, wholesale electricity prices for 2023 in Germany and France broke records on Friday August 26, at respectively 850 euros and more than 1,000 euros per megawatt hour (MWh).
A year ago, prices for these two countries were around 85 euros per megawatt hour. Several causes are behind the sharp increase in prices, starting with the drying up of Russian gas flows to Europe since the start of the war in Ukraine (many thermal power plants use gas to generate electricity ) and the shutdown of many French EDF nuclear reactors.
Several causes are behind the sharp increase in prices, starting with the drying up of Russian gas flows to Europe and the shutdown of numerous French nuclear reactors, managed by EDF.
In France, only twenty-four of EDF's fifty-six nuclear reactors are currently operating, in particular due to a corrosion problem, which reduces French electricity production, which is at a historically low level, and mechanically increases the costs. For December specifically, a megawatt hour of electricity is already trading at more than 1,600 euros, an extraordinary level.
Meeting of the Twenty-Seven
The European Union and member states are in the process of implementing energy saving and sobriety plans, knowing that as winter approaches the risk of shortages and power cuts increases.
The Czech Prime Minister, whose country holds the presidency of the European Union, said on Friday that his country would convene an emergency meeting to tackle the energy crisis. The Czech presidency“will convene an emergency meeting of energy ministers to discuss specific emergency measures to address the energy situation”, declared the Prime Minister, Petr Fiala, in atweet." As soon as possible ",hopes Jozef Sikela, the Czech Minister of Industry and Trade.“We are in an energy war with Russia and this is harming the entire EU”, he wrote onTwitter.
Approved by Ursula von der Leyen, head of the European Commission, this Czech desire comes as the twenty-seven EU member states are trying to reduce their dependence on Russia for oil and gas supplies.
