Heatwave drives European power prices to 550 euros per megawatt-hour

Electricity prices across Western Europe are expected to skyrocket to 550 euros per megawatt-hour tonight, a stark increase from the afternoon's 11 euros. This dramatic surge is driven by a perfect storm of factors: intense heat driving up demand for air conditioning and a simultaneous drop in renewable energy production.

The phenomenon, now named 'hitzeflaute' or 'heat lull,' highlights the vulnerability of energy grids to extreme weather. As the sun sets and wind speeds drop, the reliance on costly gas-fired power plants becomes unavoidable to meet the soaring demand. This situation mirrors the 'dunkelflaute' or 'dark lull' experienced in winter, when cold, windless, and dark days also lead to price spikes.

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The phenomenon has meanwhile also been given a name: Hitzeflaute. It is the summer counterpart of the Dunkelflaute in winter, when electricity prices also go through the roof on dark and windless cold days.

While Belgium, Germany, the Netherlands, and Denmark are all facing these elevated prices, France stands out as an exception. Its electricity costs are expected to rise to only around 150 euros per MWh. This relative stability is attributed to France's extensive nuclear power infrastructure, which provides a consistent energy baseline, unlike its neighbors who depend more heavily on gas.

Belgium, in particular, is struggling with its own nuclear capacity. Five reactors are permanently offline, and the remaining two are undergoing summer maintenance. The country is attempting to mitigate the impact by importing as much cheaper nuclear power from France as possible, but even this is insufficient to fully counteract the domestic reliance on expensive gas plants.

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France makes the difference with that. Our country also benefits partly from French nuclear electricity. It is massively importing cheaper nuclear electricity from France tonight. It is doing so at maximum capacity: the lines are completely full.