Status: 15.09.2022 2:31 p.m
The decline in French nuclear power production has been causing prices on the electricity exchanges to skyrocket for weeks. The operator EDF now expects further burdens and once again cuts its profit forecast.
Heavily indebted French utility EDF has cut its earnings forecast for the fifth time this year. The group, which operates all 56 nuclear power plants in France, expects a lower production of nuclear power. The operating result (Ebitda) will probably be burdened with about 29 billion euros this year, said the group, which is about to be nationalized. Previously, there had been talk of 24 billion euros.
More than half of France’s nuclear power plants are out of service
The electricity production of French nuclear power plants is expected to reach only the lower end of the range of 280 to 300 billion terawatt hours in 2022, it said. This is the lowest value in 30 years.
Most recently, more than half of the French nuclear power plants were out of operation due to repair work and cracks that had occurred. France’s power supply has been in trouble for months as a result. German electricity customers are also suffering.
Consumers pay 43 percent more for electricity in September
Because of the ongoing problems at French nuclear power plants, the French are increasingly buying electricity abroad. In addition to the high gas prices, this is probably the most important reason for the rising electricity prices in Germany. “Today, the exchange electricity price is 373 euros per megawatt hour,” emphasizes Florian Stark from the comparison portal Check24. For comparison: “In September 2021, a megawatt hour of electricity cost an average of 127 euros.”
This also has consequences for consumers: According to Check24, a model household (5000 kWh) paid an average of 2194 euros a year for electricity in September – 43 percent more than in the same month last year (1532 euros).
Electricity price cap for French consumers
While Germany and the EU are still fighting for an electricity price cap, the French government announced yesterday that it would limit the increase in household electricity bills to 15 percent from February 2023. A year ago, France decided to cap electricity and gas tariffs for consumers.
The government also wants to take over EDF completely. The state currently holds a little more than 80 percent – the government wants to put almost ten billion euros on the table for the takeover of the remaining shares.