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European power more expensive due to shutdown of French nuclear reactors

Photo: ANP

Electricity prices in Europe are rising because the French energy company EDF has had to shut down several nuclear reactors for a longer period of time due to maintenance. EDF therefore again lowered its forecast for the amount of power it expects to be able to generate this year.

EDF is France’s largest electricity supplier and also an important supplier of electricity to neighboring countries such as Germany, Spain, Italy and the United Kingdom. The group has been struggling with defects at various reactors for some time, which have been shut down for safety reasons. To compensate for this outage, EDF now has to buy electricity elsewhere, at high prices. This also leads to an increase in electricity prices for consumers in France and Germany.

Power production at EDF could drop this year to its lowest level in more than three decades, according to estimates by US bank Morgan Stanley. The problems at EDF are very inconvenient, because energy prices in Europe are already very high. This is due to the high demand for gas and a limited supply from Russia, the largest gas supplier to Europe. Tensions surrounding Ukraine are on top of that.

European gas prices also rose on Tuesday. This was partly due to the threat from US President Joe Biden about the controversial Nord Stream 2 gas pipeline, which runs from Russia to Germany. Biden said that if Russia invades Ukraine, it would spell the end of Nord Stream 2. The pipeline has already been built, but is still awaiting formal approval to go live.



European power more expensive due to shutdown of French nuclear reactors
Source link European power more expensive due to shutdown of French nuclear reactors

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