Europe Power Prices Surge to Record on French Nuclear Halts
- German electricity for next year jumps to 230 euros/MWh
- Closures will likely impact exports to neighboring markets
The Chooz nuclear plant in northern France.
Photographer: Francois Lo Presti/AFP/Getty Images
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European power prices soared to records after Electricite de France SA said two nuclear reactors will stop unexpectedly and two will have prolonged halts -- just as the continent heads for a cold snap with already depleted gas inventories.
German electricity for next year jumped more than 10% as EDF is set to shutter two reactors at its Chooz nuclear plant this week and extend halts of two units at its Civaux site until spring after agreeing with the safety regulator to replace faulty pipes. The facilities make up almost 10% of the French nuclear capacity.