Summary

When France gets cold, its neighbours feel it at the border. Each degree of French winter cold takes about 1 GW off French net exports and goes with day-ahead prices €5 ($5.6)/MWh to €7/MWh higher in France, Belgium and Germany. Roughly half of the French price response, a third of the Belgian and a quarter of the German is French temperature on its own rather than the neighbours’ weather.

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