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BLOOMBERG
France’s troubled nuclear industry is supposed to be in revival, but the discovery of further defects at some reactors this week is stoking fears that the year ahead could be just as difficult as the last.
Electricite de France SA’s fleet of 56 atomic power plants has long been the backbone of Europe’s energy system, but in 2022 it was more of a millstone. As reactors were shut down to fix cracked pipes, the company’s nuclear power generation slumped to the lowest since 1988, making the region more dependent on fossil fuels just as Russia squeezed natural gas exports.
The continent is still grappling with the long-term consequences for energy security of the invasion of Ukraine. Everyone from power traders to political leaders had been hoping that France would finally be able to switch from hindrance to help this year, but that’s looking less likely as the country’s nuclear watchdog asks EDF to revise its maintenance program in light of the new flaws.
As traders digested week’s news, French power for delivery in 2024 jumped a third to about $235 per megawatt hour, the highest since January.