EDF Forecasts Steady Nuclear Power as Gas Prices Fluctuate
Energy markets witnessed a mix of developments in recent months. EDF predicted steady nuclear power generation, while gold prices fluctuated. Wind power surged, and storage levels reached a healthy 77% capacity. However, a French energy workers' strike and delayed reactor restarts posed challenges.
EDF, the French utility giant, predicted nuclear power generation of 350 to 370 Terawatt-hours for 2025, 2026, and 2027. This stable outlook comes as French nuclear power production remained robust, with availability at its highest seasonal level since 2017.
Meanwhile, gold prices initially dipped due to expectations of increased Russian volumes but later rebounded. European energy commodity prices also fell, buoyed by speculation about the end of the war in Ukraine and a strong supply situation. Wind power generation, however, reached a five-month high, helping to mitigate supply and spot power prices.
In France, a strike by energy workers reduced nuclear generation to below 35 gigawatts. This came after the government led by Prime Minister François Bayrou was dismissed following a failed vote of confidence on September 8, 2022. The government's resignation required Bayrou to step down.
The operating lives of British power stations 'Heysham 1' and 'Hartlepool' were extended to 2028. However, the restart of the Swiss nuclear reactor Gösgen was delayed to February 2026. Despite these setbacks, European storage levels reached a commendable 77% of capacity by the end of the month.
While EDF's nuclear power generation forecast and high French nuclear availability offer stability, gold price fluctuations and delayed reactor restarts pose uncertainties. The recent French energy workers' strike also highlighted potential vulnerabilities in energy supply. Nevertheless, robust wind power generation and healthy storage levels provide some reassurance. Demand for energy remained subdued, likely due to the absence of widespread heatwaves.
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