Electricity prices could skyrocket early next week. Even colder temperatures, little wind, France importing electricity en masse and the failure of Tihange 1 are pushing up prices. Trader Matthias Detremmerie expects the “hardest week of the year” on the electricity market.
In recent days, the price of electricity has risen to more than 400 euros per megawatt hour in our country, with peaks of over 500 euros. Little sun and wind and therefore hardly any renewable energy, in combination with very cold temperatures, make electricity twice as expensive as in recent weeks.
In addition, France, which is struggling with nuclear reactors that are down due to maintenance and breakdowns, imports a lot of electricity on a massive scale. This is also driving up prices in neighboring countries. The longer shutdown of nuclear reactor Tihange 1 – which was not supposed to restart until December 14 – also leads to higher prices.
It will be extra exciting at the beginning of next week. High voltage manager Elia confirms this. “We expect a peak in electricity prices at the beginning of next week, especially in the evening,” says the manager of the high-voltage network.
Import flow
The forecast is that it will be even colder next week, and that Belgium will also have to import electricity. “Limited imports may also be needed,” confirms an Elia spokeswoman. “It’s about predictions. Imports may also not be possible if the wind blows a little harder.” There is no threat of problems in terms of security of supply, the network operator assures.
Market specialist Matthias Detremmerie of supplier Elindus expects the most difficult week of the year to come, with record prices in the making. Some scenarios go up to 1,500 euros per megawatt hour in the evening peak.
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