Europe's Electricity Prices Spike to €500 a Megawatt-Hour as Drought Bites

Intense summer heat waves are threatening energy security across Europe. The continent is facing a scorching and arid summer, causing electricity demand for air conditioning to skyrocket at the same time that rivers warm up and dry out with devastating consequences for the nuclear energy industry and for hydropower reserves. Last month, France had to reduce output and shut down nuclear reactors at a record pace without sufficient and safe water supplies to cool its reactors. And now, this week, Hungary had to shut down the Paks nuclear power plant…