Steam rises from cooling towers of the Electricite de France nuclear power station in Cruas, France. Picture: ERIC GAILLARD/REUTERS
As France historically relies on nuclear for more than 70% of total electricity supplies, this shortfall in reactor output forced French utilities to drastically adjust their power fuel mix by increasing imports and the use of natural gas by nearly 30% to record levels. This flip in French power flows not only tightened Europe’s power markets, but also made a major dent in France’s trade balance: The nearly €10bn cost of 2022's power imports surpassed France’s total earnings from power exports from the previous three years, EnAppSys data shows.So far in 2023, France’s nuclear power output remains 17.5% below the average from 2020 and 2021, Refinitiv data shows, due in part to strikes against planned pension reforms for unionised workers.
A sustained recovery in French nuclear output would potentially help utilities export surplus power to other European nations that are struggling with tight and expensive energy markets.