With nearly half of nuclear plants out of service for maintenance, the current global crisis in the energy sector and continued demand due to the sharp drop in temperature, France saw electricity prices on the wholesale market soar on Monday to nearly 3,000 euros. hour (MWh), a value never seen before.
Prices are being negotiated this morning at an average of €541.43 but between 08:00 and 09:00 it reached €2987.78/MWh. By purchase, at Mibel, the wholesale market in Portugal and Spain, its price is 251 euros. Last year, in February, before the energy sector crisis, the price was close to 30 euros.
In light of the situation, RTE, which is equivalent to Portugal’s REN, has declared an orange alert level due to the risk of problems with the country’s electricity supply. The French company also asked companies, municipalities and citizens to adjust their consumption. However, this shot will not be felt in the pockets of consumers. Emmanuel Macron’s government – which goes to the polls next Sunday – has promised that electricity will not rise more than 4% in 2022, with any increases following that target that will be absorbed by public and private electric power company Électricité de France. (EDF).
France has The second largest electrical system in Europe, after only the German system. This situation in the French market will force the country to import more electricity from neighboring countries such as Germany, Spain or the United Kingdom.
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