“Due to lower demand and a surge in renewable energy output, French electricity prices turned negative, leading to the shutdown of some nuclear reactors.”
Bloomberg model predicts daily consumption decrease by 6 gigawatts due to increased solar and wind generation, prompting Electricite de France SA to request a nuclear plant shutdown.
According to Bloomberg, consumption significantly decreased as a result of the grid being overloaded with renewable energy from solar and wind power generated by the intense sunshine and high gusts. Not only in France but throughout most of the continent, struggled to preserve the abundance of renewable energy being produced.
The development of energy storage devices may be further slowed by negative energy costs, which is even worse, as some experts have noted. The negative pricing event clearly indicates the growing influence of renewable energy in France. The country’s commitment to expanding its renewable energy capacity. With significant investments in wind farms, solar panels, and other renewable technologies, France is on track to meet its ambitious climate goals.
While negative electricity prices can be a boon for consumers, they also present challenges for traditional energy providers and grid operators. In response not just nuclear reactors in France shut down. According to Bloomberg, some renewable energy producers even reduced the rate at which they generated energy to avoid having to pay a charge due to negative pricing.
Negative pricing is a sign that storage solutions are having difficulty gradually balancing out power availability, even while it’s great news for the environment—and energy watchdog forecast that the world’s oil demand will peak in 2029. France’s suppliers of renewable energy are also concerned about the nation’s overreliance on nuclear energy. According to Reuters, France is far behind its neighbors in terms of solar and wind power capacity. About 65 percent of its power came from nuclear sources, Last year.
EDF has halted its Golfech 2, Cruas 2, and Tricastin 1 nuclear plants, while some renewables producers will also reduce generation. French day-ahead power prices dropped to -€5.76 a megawatt-hour in an Epex Spot auction, the lowest in four years, while Germany’s equivalent contract fell to €7.64.
Engie, the leading wind farm operator in France, stated that France needs to support the European energy system by advancing renewable energy sources alongside nuclear power. These renewable sources have proven their strength and competitiveness and are crucial considering the cost and timeline for deploying new nuclear power, according to Reuters.