The European energy market could see cheaper electricity in the near future. The situation is favoured both by the relatively warm weather and by the chance that French nuclear power plants will increase their production capacity in the coming weeks.
French PM hopes for better times
“I am more optimistic about the coming weeks,” French Prime Minister Elisabeth Borne told Franceinfo radio when asked about the situation surrounding energy company EDF. It operates French nuclear power plants, a significant part of which have been undergoing maintenance since last spring and repairs have been unexpectedly prolonged
Decline in electricity demand in France
Also playing into the hands of the situation is the decline in demand for electricity in France, despite the government’s decision to extend compensation for high energy prices to households and businesses. French electricity grid operator RTE said electricity consumption fell by almost 9 percent in the past four weeks compared to the long-term average from 2014 to 2019. The French government has set a target to reduce the country’s energy consumption by at least a tenth by 2024 compared to 2019.
