Electricity prices in France have gone negative. A drop in power demand and a surge in renewables production have forced some nuclear reactors to power down.
Decline in demand and growth of renewables
Daily consumption is expected to fall by an average of 6 gigawatts from Thursday to Sunday, according to Bloomberg models. The drop is being driven by a surge in solar and wind generation due to sunshine and strong winds, prompting grid operator Electricite de France SA (EDF) to take several nuclear plants offline.
Europe needs clean energy
Europe needs more clean energy to reach its climate goals, but a surge in renewables production and a lack of battery storage means reactors sometimes have to shut down during periods of low demand. This is becoming more common for France at weekends, while it has also been seen in the Nordic region and Spain.
EDF nuclear plants closed
EDF has shut down the Golfech 2, Cruas 2 and Tricastin 1 nuclear plants and plans to shut three more over the weekend. Some renewables producers will also have to reduce output to avoid charges due to negative prices.
Electricity prices in France are at their lowest level
Daily ahead power prices in France fell to -€5.76 per megawatt-hour in the Epex Spot auction, the lowest in four years. The equivalent contract in Germany fell to €7.64.
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