Energy: Review of Electricity and Gas Markets Held in 2024
On November 27, 2024, the French Ministry of Economy published an article titled “Énergie – Bilan des marchés d’électricité et de gaz passés en 2024” (Energy – Review of Electricity and Gas Markets Held in 2024). This article provides a comprehensive overview of the electricity and gas markets in France for the year 2024.
Electricity Market
- In 2024, the total electricity consumption in France reached 470 terawatt-hours (TWh), a 1.5% increase compared to 2023.
- The nuclear power plants produced 70% of the electricity consumed in France, while renewable energy sources accounted for 20%.
- The wholesale electricity price averaged €55 per megawatt-hour (MWh) in 2024, a significant increase compared to €40/MWh in 2023.
- The increase in electricity prices was mainly due to the rising cost of gas, which is used to generate electricity.
- The government implemented several measures to mitigate the impact of rising electricity prices on consumers, including a price cap for residential customers.
Gas Market
- In 2024, the total gas consumption in France decreased by 6% compared to 2023, dropping to 390 TWh.
- The decrease in gas consumption was mainly due to the government’s efforts to promote energy efficiency and reduce reliance on imported gas.
- The wholesale gas price averaged €120 per megawatt-hour (MWh) in 2024, more than double the price in 2023.
- The surge in gas prices was driven by the ongoing geopolitical tensions in Europe, which disrupted gas supplies from Russia.
- The government provided financial support to businesses and households to help them cope with the rising gas prices.
Conclusion
The electricity and gas markets in France underwent significant changes in 2024, largely due to the impact of the war in Ukraine and the resulting energy crisis. The government implemented various measures to mitigate the impact of rising energy prices on consumers and businesses. The future outlook for the energy markets in France will depend on a number of factors, including the geopolitical situation, the development of renewable energy sources, and the government’s energy policies.
Énergie – Bilan des marchés d’électricité et de gaz passés en 2024
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economie.gouv.fr a new article on 2024-11-27 14:08 titled “Énergie – Bilan des marchés d’électricité et de gaz passés en 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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