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French spot power hits EUR 3,000 amid supply crunch

Power

04 Apr 2022 07:23

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Brittany

04 Apr 2022 07:23

(Montel) French spot power prices for Monday surged to EUR 3,000/MWh as temperatures plummeted, with TSO RTE forecasting power demand to surge 8 GW above supply.

Both RTE and utility EDF issued supply alerts urging people and businesses to cut power consumption until 10: 00 CET this morning .   

France’s day-ahead contract traded at EUR 2,987.88/MWh on Sunday for delivery at 09:00 on Monday.

With temperatures falling 6C below normal, RTE said power demand would jump to 73,000 MW at 09:00. It forecast production to peak at 65,000 MW.

The TSO did not expect power cuts this morning, however, it said.

France could import up to 11,000 MW to make up for the production shortfall, the TSO said.

At the time of writing, the country was importing about 8,700 MW. Overnight, imports surged above 10 GW.

The supply crunch comes as France’s nuclear output has dropped to a record low. Atomic output at 31,890 MW accounted for only 52% of the country's total power output, with 27of 56 reactors out of service.


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