14/10/2026
๐๐ผ๐ ๐ฎ ๐๐ฟ๐ผ๐๐ด๐ต๐ ๐ ๐ผ๐๐ฒ๐ ๐ง๐ต๐ฟ๐ผ๐๐ด๐ต ๐๐ต๐ฒ ๐๐ป๐ฒ๐ฟ๐ด๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐
At the beginning of 2026, suppliers contracted baseload electricity from Nuclearelectrica for delivery throughout the year at around ๐ฑ๐ฑ๐ฌ-๐ฑ๐ฒ๐ฌ ๐ฅ๐ข๐ก/๐ ๐ช๐ต. Those volumes were then used to build supply portfolios and fixed-price offers for customers.
By the end of July, the situation had changed. Low Danube levels affected cooling conditions at Cernavodฤ, Unit 1 entered a controlled shutdown, force majeure was applied to affected contracts, and on 13 August Unit 2 was also shut down. Bilateral deliveries were interrupted, and just days later one of Romania's larger electricity suppliers went to court seeking their resumption.
Through September, suppliers were left replacing energy they believed was already contracted. In a matter of months, the same MWh went from ๐ฐ๐ผ๐๐ฒ๐ฟ๐ฒ๐ฑ to ๐ฒ๐
๐ฝ๐ผ๐๐ฒ๐ฑ.
The producer may be protected under force majeure provisions, but the supplier still needs to serve its customers. Missing volumes have to be replaced from the market, and that additional cost and risk can ultimately influence future electricity supply prices.
๐๐ณ ๐ณ๐ถ๐ฟ๐บ ๐ฑ๐ฒ๐น๐ถ๐๐ฒ๐ฟ๐ ๐ฑ๐ฒ๐ฝ๐ฒ๐ป๐ฑ๐ ๐ผ๐ป ๐ฎ ๐๐ถ๐ป๐ด๐น๐ฒ ๐ฝ๐ผ๐๐ฒ๐ฟ ๐ฝ๐น๐ฎ๐ป๐ ๐ฎ๐ป๐ฑ ๐ฎ ๐๐ถ๐ป๐ด๐น๐ฒ ๐ฟ๐ถ๐๐ฒ๐ฟ, ๐ต๐ผ๐ ๐ณ๐ถ๐ฟ๐บ ๐ถ๐ ๐ถ๐ ๐ฟ๐ฒ๐ฎ๐น๐น๐?
At Apollo Trading, this is one of the risks we are taking into account for 2027.
