2/2

For comparison, at the start of 2025,
Ørsted sold 12.45% of 3.504 GW of offshore wind capacity, including Hornsea 1 & 2, for £1.745 bn,
which priced the capacity at
£4000/kW of nameplate capacity.

3/3

⸻
Ref: Fraunhofer Institute for Solar Energy Systems, ISE

www.energy-charts.info/charts/impor...

www.energy-charts.info/charts/impor...

2/3

France dominated electricity imports to the UK:

UK net imports were from:
 ⬅️ France: 25.8 TWh (=2.6 GW average)
 ⬅️ Norway: 9.3 TWh (=1.1 GW)
 ⬅️ Denmark: 2.6 TWh (=0.3 GW)
 ⬅️ Belgium: 2.1 TWh (=0.2 GW)
 ⬅️ Netherlands: 0.5 TWh (=0.05 GW)

UK net exports were to:
 ➡️ Ireland: 4.5 TWh (=0.5 GW)

5/5

Denmark, then France, were the largest electricity exporters to Germany in 2025.

So although France is by far the largest electricity exporter in Europe, and Germany is the third largest importer, it turns out it's not quite as simple as
"Germany is just importing French nuclear".

4/5 (…contd.)

…and these countries were net exporters to Germany in 2025:

 ⬅️ Denmark: 12.4 TWh (=1.4 GW average)
 ⬅️ France: 11.2 TWh (=1.3 GW)
 ⬅️ Netherlands: 8.4 TWh (=1.0 GW)
 ⬅️ Norway: 7.0 TWh (=0.8 GW)
 ⬅️ Belgium: 3.0 TWh (=0.3 GW)
 ⬅️ Sweden: 2.4 TWh (=0.3 GW)
 ⬅️ Switzerland: 0.9 TWh (=0.1 GW)

2/2

Solar is up 10.9 TWh, or 18.3%
Wind is down 4.3 TWh, or −3.2%

TOTAL renewable generation is up 0.5 TWh, or 0.2%

Germany's fossil generation rose 6.7 TWh,
renewable generation rose by 0.5 TWh.

⸻
Ref: Fraunhofer Institute for Solar Energy Systems, ISE

www.energy-charts.info/charts/energ...

3/3

France's net electricity exports in 2025 were:

 ➡️ Italy: 26.2 TWh (=3.0 GW average)
 ➡️ Britain: 22.6 TWh (=2.6 GW)
 ➡️ Switzerland: 20.1 TWh (=2.3 GW)
 ➡️ Belgium: 12.1 TWh (=1.4 GW)
 ➡️ Germany: 11.2 TWh (=1.3 GW)
 ➡️ Spain: 0.2 TWh (=0.03 GW)

France's total electricity exports came to 92.4 TWh.

2/3

A striking feature of 2025 shows up in cross-border electricity trading:

France dominated exports.
It exported 92.4 TWh, or 10.55 GW average throughout the year.

The other three big European economies, Germany, Britain and Italy, were all net importers, importing 101.1 TWh between them.

4/4 #pricescrapbook

These tax-and-cap thresholds have been determined by France's Energy Regulatory Commission (CRE), based on these estimates of the cost price of French nuclear generation over the next six years:

 • For the period 2026–2028: €60.30/MWh;
 • For the period 2029–2031: €63.40/MWh.

3/4

 • The first threshold, the “Taxation” threshold,
is set at €78/MWh,
above which 50% of EDF's nuclear revenues will be taxed for redistribution.

 • The second threshold, the “Capping” threshold,
is set at €110/MWh,
above which 90% of EDF’s nuclear revenues will be taxed.

2/4

The Universal Nuclear Payment (VNU) is a tax-and-cap scheme intended to protect French electricity consumers from large increases in electricity prices (as seen during the 2022 gas price crisis, for example).

It sets a tax threshold and a cap threshold, with redistribution back to consumers:

The government needs to shift to subsidising cooling heat pumps instead of only ones that heat. With warmer and more uncomfortable summers it’s a real benefit. Middle class much more likely to contribute more if their homes are cooled in the summer as well as heated in the winter.