Energy alert in Europe! - Heat wave causes new increase in electricity prices
The first major heat wave of this summer is sweeping across Europe, already affecting energy markets. According to a Bloomberg report, electricity prices in France have risen to their highest levels since the 2022 crisis as rising demand for cooling coincides with restrictions on nuclear power generation and the low performance of wind farms.
The heat wave, which began in southwestern Europe, is spreading northward, affecting mainly France, Spain, Germany and Britain. The extreme heat is increasing demand for air conditioning on a continent that traditionally uses less energy for cooling than the United States or the Middle East. On the EPEX Spot electricity market, the price for the Wednesday afternoon peak in Belgium rose to 933 euros per megawatt-hour, a level reminiscent of the days of the energy crisis after Russia's invasion of Ukraine.
Namely, electricity prices in France for evening hours reached their highest point since 2022, while in Germany maximum prices are at their highest levels in the last two years.
The situation is being exacerbated by the problems caused by the heat wave at French nuclear power plants. High temperatures in the rivers used to cool the reactors are forcing EDF to limit production at some units in order to meet environmental restrictions. Network operators are on high alert. In France, preventive disconnections of transmission lines that could be deformed by high temperatures are also being considered.
In Italy, the government adopted emergency measures to protect workers, allowing businesses to limit or suspend operations during hours of extreme heat, with state support to cover part of wage costs.
Meteorologists warn that the phenomenon is not limited to high daytime temperatures. So-called "tropical nights", during which the temperature does not drop below 20 degrees, increase the burden on the population and further increase the demand for electricity, as air conditioners operate continuously for 24 hours.
This new thermal test is a reminder that the climate crisis is no longer just an environmental issue. It is emerging as a determining factor for energy prices, grid security and ultimately the cost of living across Europe.
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