Mar 25, 2022Liked by Liberty

Another great letter, thanks I really enjoy reading them.

In terms of French nuclear, a quick look reveals that France operates their fleet at 70% capacity factor which compares to a global average of about 80%. A big difference is about 90% of France's installed capacity is nuclear, which means it must be used for load following. Nukes in other countries are operated baseload with no load-following and could explain the difference. Also it appears that the output from the French nukes has been quite stable over the past 20 years (as a percent of total generation).

Might be wrong but the data doesn't support the narrative that France is restricting output on purpose. I spent 10 minutes looking up data so very likely that I am wrong BTW.

This article describes the challenges of load-following with a nuclear plant and some of the things France has had to do to solve the problem


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