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Electricity Prices In France Turn Negative As Renewable Energy Floods the Grid
French electricity prices turned negative due to a drop in demand and a surge in renewable energy output, prompting the grid operator to request that Electricite de France (EDF) take several nuclear reactors offline. Fortune reports: While more clean power is needed across Europe to reach climate goals, soaring renewables output and a lack of battery storage mean reactors sometimes have to be turned off during periods of low demand. It's becoming increasingly common around weekends in France -- which gets about two-thirds of its electricity from its atomic fleet -- and also occurs in the Nordic region and Spain. EDF halted its Golfech 2, Cruas 2 and Tricastin 1 nuclear plants, and plans to halt three others during the weekend. Some renewables producers will also have to curb generation to avoid paying a fee amid negative prices. French day-ahead power fell to -5.76 euros a megawatt-hour, the lowest in four years, in an auction on Epex Spot. Germany's equivalent contract dropped to 7.64 euros.