When some nuclear reactors shut down due to a decline in demand and an increase in the output of renewable energy sources, French electricity prices went negative.
According to a Bloomberg model, there will be an average 6 gigawatt decrease in daily consumption from Thursday through Sunday. The grid operator has asked Electricite de France SA to take several nuclear plants offline due to the blustery and sunny weather that has increased solar and wind generation.
Reactors occasionally have to be shut off during times of low demand, despite the fact that more clean power is required throughout Europe to meet climate goals due to rising renewable energy output and a lack of battery storage. This is becoming more frequent on weekends in France, which gets roughly two-thirds of its electricity from its atomic fleet. It also happens in Spain and the Nordic countries.
EDF shut down its nuclear power plants at Golfech 2, Cruas 2, and Tricastin 1, and it intends to shut down three more this weekend. In the event of negative prices, some producers of renewable energy will also need to reduce their output in order to avoid incurring fees.
In an auction on Epex Spot, French day-ahead power dropped to -€5.76 a megawatt-hour, the lowest in four years. The comparable contract for Germany fell to €7.64.
