French Power Futures Fall to Lowest Since 2021 as Nuclear Surges
(Bloomberg) -- French power contracts for next year fell to their lowest level since February 2021, as the country’s nuclear fleet ramped up.
Year-ahead power prices dropped to as low as €52.50 per megawatt-hour on Tuesday, as Electricite de France SA boosted nuclear output to its highest level for the start of November since 2018, according to data from RTE.
France’s declining power futures widened the gap with neighboring Germany, where year-ahead prices remained relatively steady this week. The spread between the two power markets is now around €35 per megawatt-hour, well above normal levels, according to data from EEX.
That highlights the two countries’ differing approaches to the energy transition. France has maintained a strong nuclear fleet while gradually expanding its wind and solar capacity. Germany’s renewables rollout has been faster, but the country’s decision to phase out nuclear power has left it more reliant on pricier coal and gas to meet demand when the wind isn’t blowing and the sun isn’t shining.
EDF raised its 2025 nuclear output target last month, while atomic production climbed to the highest in more than a month last night. By contrast, gas generation in Germany surged to the highest for this time of year since at least 2015, according to data from ENTSO-E.
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