European Power Prices Soar on Setbacks at French Nuclear Giant
- Five reactors will be out of service longer than expected
- Company discovered defects during once-a-decade maintenance
Cooling towers release water vapor at the Nogent nuclear power plant, operated by Electricite de France SA, in Nogent-sur-Seine, France.
Photographer: Cyril Marcilhacy/BloombergThis article is for subscribers only.
French and German electricity prices jumped after Electricite de France SA revised down the production forecast for its nuclear fleet that’s vital to keep the lights on in Europe.
The world’s biggest producer of nuclear power reduced its estimate by about 8% after finding defects at some reactors. It’s another blow for the continent, which is already facing an historic energy crisis with natural gas stocks at their lowest in more than a decade for this time of year.