Czech Energy Pricing Trends -  17 Sep. 2021

CO2 price (Dec-21) decreased by 3,44 EUR/t WoW to level 59,31 EUR/t WoW. Today CO2 market is trading below 60,00 EUR/MWh level. Brent price (Nov21) increased by 4,22 USD/bbl WoW to 75,67 USD/bbl. Brent price is trading today around 75,00 level. Coal API (Oct21) decreased by 8,3 USD/t WoW to 160,1 USD/t and today is trading around 162,50 level. The whole energy mix (coal, gas, oil) had very bullish development in first half of week; however, significantly corrected yesterday. The main driver was again gas which reached again next historical maximum (given the part of year) amid fears of sufficient supply and gas in storage in coming winter. Significant price correction came later on Wednesday afternoon and Thursday. Today prices are in slight increase. Coal has increased along with gas until Wednesday, but corrected yesterday. Some price easing might be connected with problems with UK-France power interconnector, which means higher power price for UK and more power supply for continental Europe.

Slovak power market followed the trend of Czech market with the same big volatility.

Slovenian market followed trend on other European electricity markets.

SPOT prices increased significantly on Wednesday and jumped above 70 EUR/MWh level, however corrected significantly yesterday. DoD price correction yesterday (and consequent volatility) given the part of year (we are not in winter season) has been unseen so far.

Gas market has been experiencing continuous bullish trend and prices has spiked on Wednesday to next historical maximums. Daily volatility and price gains up to 8% DoD has been unseen so far given part of year. Current level of gas filling in European storages (71,14% as of Wednesday) is the lowest since 2013 given this part of storage season. The price increase is supported by growing gas prices in USA as well as in Asia. So far only early Nord Stream II certification and its full operation seems to be one key driver that could ease the European gas market. In coming winter season, the volatility will remain huge in current tight gas energy market.

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Miroslav Ceman

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