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October 5, 2022

In the wake of Japan nuclear crisis, electricity price rises across Europe

The price of electrical power in Europe rose after the German chancellor Angela Merkel announced, on Tuesday, the immediate shut-down of all the reactors in Germany inaugurated before 1980, that is, a total seven, according to an article published in “Financial Times” (FT), quoted by Realitatea.net. The reactors will remain closed for three months, the time needed for security checks at the nuclear plants in Germany. The other reactors will continue to operate under normal conditions, Merkel stated. The cost of baseload power – the kind of electricity supplied permanently to the grid – for delivery in April in Germany jumped as much as 17.9 per cent to a session high of EUR 64.25 per megawatt hour.

The nuclear disaster in Japan “is a turning-point in the history of technology,” Angela Merkel argued, although, last year, she extended the lifespan of nuclear plants in Germany, from 2022 to 2036, after negotiations with the utilities companies. Electricity prices were raised on other European markets, as well, including France and Spain.

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