After an earlier phase this month marked by a relaxation of prices, the trend has reversed. This follows the announcement confirming, for Penly 1, a defect similar to the Chooz and Civeaux reactors. The crisis between Ukraine and Russia and low levels of gas storage are still weighing on prices.
France
The month of December saw the high-point of unprecedented volatility. In an already extremely tense climate, the market reacted immediately following the announcement of the shutdown of 2 additional nuclear reactors. Prices continued to rise, led this time by electricity, to reach an all-time high.
France
Prices reacted quickly to increases in carbon and natural gas - carbon continued to break all records due to absence of key agreements at COP26 as well as German announcements regarding a no-deal at the European level. Brent was fairly stable up to November 25th when the new Omicron variant was announced.
France
In October the electricity future pricing for 2022 hit another record high while the average CO2 price dropped. At the beginning of the month Cal2022 reached its historic peak of about 462 PLN/ MWh, following record high coal and CO2 prices, which then eased later in the month.
Poland
Electricity future pricing hit another record high this month. Driven by CO2 European prices, low windiness, and directing energy generation toward fossil fuels, which are also hitting their pricing peaks. Russia continues pumping gas to Europe at limited pace, strong demand for gas from Asia limits deliveries to Europe.
Poland
Prices continued their dizzying rise. Natural gas and coal prices have hit record levels, dragging in their wake those of electricity. Carbon experienced an upward trend, rising by 3%. Hurricane Ida left its mark as U.S. production recovered only slowly, forcing reliance on strategic reserves of fuel.
France