In a crazy week for energy prices in Europe, wholesale electricity prices for 2023 in Germany and France broke new records on Friday August 26 at 850 euros and more than 1,000 euros per megawatt hour respectively. (MWh).
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A year ago, prices for these two countries were around 85 euros/MWh. Several causes are behind the explosion in prices, starting with the drying up of Russian gas flows to Europe since the start of the war in Ukraine, and the shutdown of many French EDF nuclear reactors.
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A further increase expected in December
In France, only 24 of EDF’s 56 nuclear reactors are operating at the moment, in particular due to a corrosion problem, which is reducing French electricity production to a historically low level, and mechanically driving up prices.
For next December specifically, the megawatt hour of electricity is already trading at more than 1,600 euros, an extraordinary level.
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The European Union and Member States are putting energy saving and sobriety plans in place, knowing that with the approach of winter, the risk of shortages and blackouts increases.
