As in the rest of March, the electricity price was significantly depressed by the production of solar and wind energy. Due to favorable weather, the rising gas price was hardly able to pull the electricity price upwards. Meanwhile, France remains Europe's problem child. Due to, among other things, long-term strikes, the maintenance of French nuclear and hydropower plants threatens to stagnate again.
The electricity price last week was generally slightly higher than the week before, but was still relatively favorable. On Tuesday, March 28, electricity traded for €114,14. The electricity price fell towards the weekend. On Sunday, April 2, the EPEX recorded a level of €61,54. On Monday April 3, the electricity price was a lot higher again. On that day the electricity price was €114,79.
Sun and wind will again ensure lower electricity prices this week. Last week, no less than 45,8% of all electricity was generated by solar and wind. The amount of green energy is in line with the trend of recent weeks. In March, the Netherlands broke a new record. Including biomass, 53% of all electricity was generated from renewable sources.
In the meantime, the rising gas price is causing upward price pressure. Last week the gas price rose sharply. On Tuesday, March 28, the TTF quote was still €42,75 per megawatt hour. Until Monday April 3, the price rose sharply to €49,69. An increase of more than 17% in just one week. Maintenance of the various Norwegian gas fields in particular drove up the gas price. However, the higher price on the TTF limits the electricity price. Due to the favorable weather, only 24,1% of all electricity was generated from gas.
French strikes continue to cause problems
In addition, French strikes continue to cause problems. Because maintenance staff have stopped working, both regular and unplanned maintenance on nuclear power stations and hydroelectric power stations cannot take place. As a result of the overdue maintenance, the available power has currently been reduced. France has been struggling with maintenance problems around their nuclear power plants for some time. Because about half of the nuclear power plants were not in operation this winter, France suddenly had to import a lot of power. Normally France exports a lot of cheap electricity, so the disruptions on the French grid led to higher prices on the entire European market.
Repairs to the French power grid have again been delayed due to strikes. There is a fear that persistent strikes and staff shortages will continue to cause problems this year. This is evident from the contract for French electricity for the first quarter of 2024, which is currently trading at €375. The German quotation stands at €134 in the same period.