The month of May was marked by the lifting of U.S. sanctions on Iran. The meteoric rise in electricity prices was dampened by the fall in carbon prices midmonth. Following the first auctions for UK emission quotas, prices have ebbed slightly, speculative purchasing keeps prices high.
France
The electricity futures market fell last week, in sync with the carbon trend. The price on the natural gas market remained stable throughout last week. The price of Brent has ballooned in recent days following an OPEC+ decision not to raise oil production in the upcoming weeks.
France
In general terms, budget-conscious customers looking to secure long-term coverage into 2024 can still find bargains at this point, however the anticipated summer heat could quickly cause pricing volatility to bleed into those outer years.
United States
A 30% week-on-week increase in UK wind productivity failed to pressure spot power prices. Britain's storage reinjection effort picked up pace as above seasonal average temperatures saw heating demand drop. Brent gained support on OPECs cautious approach to output return and nuclear deals.
Europe
Market movements were largely mixed last week as elevated carbon prices, low storage levels, capped gas flows and higher front-month coal prices opposed the bearish pressure of demand reduction from warmer temperatures.
United Kingdom
The growing energy mix in near curve market (coal, gas and oil) held electricity prices high; however, they slightly declined driven by CO2 price decline. High price of coal and gas will probably keep electricity prices elevated and for more significant electricity price decline we would have to see coal and gas (along with CO2) price decline as well.
Czech Republic & Slovak