Steam rises from cooling towers of the Electricite de France nuclear power station in Cruas, France. Picture: ERIC GAILLARD/REUTERS
Supply concerns plaguing Europe have sent gas and electricity prices breaking fresh records several times this year, a headache for policymakers already contending with rising inflation. Geopolitical tensions between Russia and Ukraine could further crimp supplies. Jeremy Weir, CEO of commodities trader Trafigura Group, warned in November that Europe could experience rolling blackouts in case of a cold winter.
Without these units, about a third of France’s nuclear fleet will be halted at the start of January, forcing the nation, which typically exports electricity, to import more supplies at peak times from neighbouring markets. The crunch will mean Europe — already faced with shortages of natural gas — has to burn more coal, and even oil in places such as Germany and Sweden, another obstacle for policymakers trying to curb carbon emissions.
France may need to stop exports to Britain and Italy, according to Jean-Paul Harreman, an analyst at energy consultant Enappsys. If that happens, it will push up prices in the core markets across the continent.
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