The global energy crisis hits the wallet and nerves
14 / January / 22 Visitors: 378 ★★★★
French and German electricity prices jumped after Electricite de France SA revised its nuclear power forecast.
Energy from reactors is essential to maintain a stable supply in Europe. The world's largest producer of nuclear energy has cut its energy supply estimate by about 8%. after detecting defects in some reactors.
This is another blow to Europe, which is already struggling with its historic energy crisis, and natural gas stocks at this time of year are the lowest in more than a decade. The German February contract increased by as much as 22 percent. to 235.50 euros (270.07 USD) per megawatt hour, while the contract for the next quarter increased by a whopping 23%. up to EUR 183 for the European Energy Exchange AG.
The French contract with delivery from April to June increased by as much as 24 percent. up to 191 euros. "There has recently been uncertainty about determining the impact at very volatile prices," comments Mieke Becker, an analyst at the Bernstein Autonomous LLP. "As reactor inspections are ongoing, including an inspection program for all nuclear power plants, is there a risk of even more or longer shutdowns?" - the analyst asks. The new extension of outages across several reactors means at least nine reactors will be shut down in early April, reducing total energy production by almost a fifth, according to RTE's grid manager.
During routine maintenance performed once a decade on its Civaux and Penly reactors, the company found corrosion and weld problems were detected near pipe welds in the circuits of the safety injection system, EDF said in a statement on Thursday. Penly-1's launch was delayed by more than two months until May 30. The resumption of the Civaux-2 has been postponed by nine months to the end of this year. EDF now expects to generate 300 to 330 terawatt hours from the power plant this year, up from a previous estimate of 330 to 360 terawatt hours.