On the evening of Tuesday, June 23, 2026, electricity exchange prices in several European markets surged to extreme levels during a heatwave. Belgium saw a peak of €1,038.25 per megawatt-hour, while Germany reached €747.10. Prices in the Netherlands stood at €902.47, and Denmark hit €786.83. These spikes were driven by high demand for electricity for cooling, low wind speeds, and a drop in solar power output after sunset. However, the decisive factor was the limited availability of dispatchable domestic power plant capacity in these markets. France and Switzerland were unable to fully offset the shortfall through exports due to their own increased demand.
Why the heatwave hit the electricity market in the evening
The price spike was not caused by a single power plant outage abroad. It occurred because supply and demand tightened significantly during the evening peak. Solar installations supplied large amounts of electricity during the day, but this input dropped off rapidly in the evening. At the same time, demand from air conditioning, refrigeration, commercial operations, and households remained high.
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Countries with a high share of weather-dependent generation and limited firm capacity proved particularly vulnerable. Germany has shut down its nuclear power plants and intends to phase out coal-fired power generation. Belgium has decommissioned a large portion of its nuclear capacity. Denmark does not use nuclear power and is reducing its fossil-fuel reserve capacity. The Netherlands is also planning a coal phase-out, although it is now reconsidering new nuclear power plants.
France and Switzerland were able to export less
France and Switzerland did not face supply issues of their own; both countries were able to meet their domestic demand. This is precisely why the causal link must be clearly understood: the scarcity was primarily an issue for the importing countries. However, due to higher domestic demand, France and Switzerland were unable to export sufficient additional electricity.
In France, EDF shut down the Golfech 2 reactor at 11:45 p.m. on June 22. The reason was the high temperature of the Garonne River; the shutdown was prompted by environmental regulations regarding cooling water rather than a technical fault. Golfech 1 had already been offline since May for maintenance and fuel rod replacement. Additionally, EDF throttled the output of other reactors to avoid placing further thermal stress on the rivers.
During supply crunches, imported electricity often comes from sources targeted for political phase-outs
The heatwave highlighted the fundamental conflict within the European electricity market. Countries with limited firm capacity of their own rely on their neighbors during critical periods. While such trading lowers costs and stabilizes grids under normal conditions, the import buffer shrinks rapidly during supply shortages. In those moments, what matters is not the annual balance sheet, but the available capacity at the precise time it is needed.
Particularly during a heatwave, the missing electricity often comes from sources that have been politically curtailed or are slated for phase-out at the national level—including nuclear, coal, gas, and hydroelectric power. The contradiction is evident: dispatchable domestic power plant capacity is declining, while the burden of meeting demand during emergencies is shifted to neighboring countries. If those countries require more electricity themselves, their export capacity is insufficient to meet all import requests.
Price spikes hit industry harder than households
Households with fixed-price contracts usually do not feel such fluctuations immediately. Utility companies often procure electricity on a long-term basis, meaning fixed tariffs smooth out short-term market spikes. However, customers on dynamic tariffs bear the brunt of these fluctuations more directly; they should therefore shift flexible loads away from expensive evening hours.
Such price surges have a greater impact on industry and large-scale electricity consumers. Many businesses purchase power closer to spot market rates, so evening spikes affect their costs more directly. This episode also highlights a structural gap: the expansion of weather-dependent generation does not replace firm capacity. Without storage, flexible loads, and dispatchable power plants, such price spikes remain more likely.
Author: Blackout News
Sources: Montel News (23.06.26) – EDF Group (23.06.26) – Le Monde (24.06.26) – The Brussels Times (23.06.26) – Wellinglichten Kringen (23.06.26) – EnergiFyn (23.06.26)