Electricite de France SA may have to reduce output at some of its nuclear reactors, as drought reduces the amount of water available for cooling. This adds further strain to Europe’s energy supply. France may have to import more power in the coming months because half of its 56 nuclear reactors are halted for repairs or planned maintenance.

The price of futures for baseload electricity delivered in France in Q1 of 2023 is over €600/MWh. For years, the baseload price was under €50/MWh. The jump in price is due to fears that the lack of investment in new power stations will mean a shortage during the coming winter. As France used to be an exporter, this affects the prices across Europe.

French energy company EDF said that the 3.2 GW project in the UK will cost £25bn-£26bn. It was estimated at £18bn when it received the go-ahead in 2016. The first reactor unit is now scheduled to start operating in June 2027 due to Covid-related delays. EDF and its junior partner, China’s CGN, receive a guaranteed price of £92.50 per MWh.

Germany, Belgium, the Netherlands and Denmark plan to build 150 GW of offshore wind capacity in the North Sea to help achieve the EU's climate goals and, eventually, break away from Russian energy. The ambition is also to use the power to make hydrogen and green fuels for heavy industries and transportation that cannot easily be directly electrified.

The proposed green bond rules were designed to help facilitate the financing of sustainable investments through the creation of a ‘gold standard’ for how companies and public authorities can use green bonds to raise funds on capital markets, while meeting rigorous sustainability requirements and protecting investors from greenwashing.

Britain will launch a publicly-owned system operator to take over some of the responsibilities of the National Grid. Britain is striving to reach net zero emissions by 2050, a goal that will require a huge increase in renewable electricity. Shares in National Grid were down around 0.7% early on Wednesday, slightly underperforming the wider index.

All but one of Britain's existing nuclear power stations will be decommissioned by 2030. Mr Johnson and Mr Kwarteng want to increase country's existing 7 GW of nuclear capacity to 24 GW by 2050 with a government-owned company, but they have been battling with Rishi Sunak for vast sums at a time when the Chancellor is resisting further public spending.

The good news is it possible, the bad news is that it will be very expensive and highly disruptive. There is probably about 300TWh in storage in Europe right now meaning we need to find 1,300TWh over the next 12 months. We are seeing unprecedented volatility in oil, coal, gas and electricity markets which is a reflection of the high level of risk around energy.

Polish energy providers detail the cost of carbon-emission permits in invoices to households. These costs are high, as Poland relies on coal for more than 70% of power generation. It will cost $415 billion, or about two-thirds of gross domestic product, for Poland to reach the EU’s net-zero emissions goal by 2050, according to government estimates.

Kazakhstan's market share is more than 40% of the world’s nuclear fuel and it is the lowest-cost producer. Some buyers are looking to diversify their sources of supply, which means paying a premium. China is planning 150 new reactors. The EU plans to class nuclear as green. The supply may not be able to rise quickly enough to satisfy the demand.

TransAlta Renewables has to replace the foundations of 50 wind turbines at Kent Hills wind farm. An investigation has revealed serious structural issues. This caused a 100-metre-tall turbine to collapse in the fall of 2021. The company expects the work to cost between $75 and $100 million. Kent Hills wind turbines will remain offline until the end of 2023.

Prices of copper, platinum and lithium are rising. Copper is needed for wind farms, platinum for hydrogen production, and lithium for battery production. New environmental guidelines are making future production of copper and aluminium more difficult. This could make carbon dioxide-free electricity significantly more expensive than previously thought.