During routine maintenance, Electricite de France (OTCPK:ECIFF) ("EDF") found pipe defects on the safety injection systems for two nuclear facilities; both are shut down awaiting repair.

Two additional reactors, using the same technology, will be shut down briefly later this month for inspection. //

With yet another source of energy offline, European natural gas for January delivery continues its relentless march higher; prices now reaching $44 / mmbtu, Europeans will pay 900% more for natural gas in January 2022 than January 2021.

In the US, where natural gas prices have risen almost 50% year over year, consumers are paying less than $4 / mmbtu. //

French month ahead electricity prices for January have risen to ~$620 / mwh on the back of the EDF news, compared to average power prices in the US at ~$100 / mwh.