Czech Energy Pricing Trends - 18 Nov. 2021

CO2 price (Dec-21) increased by 4 EUR/t WoW to level 67,16 EUR/t WoW to new historical maximum. Today market is trading close to 68 level. Brent price (Jan22) decreased by 2,36 USD/bbl WoW to 80,28 USD/bbl. Today market is trading close to 81 level. Coal API (Dec21) increased by 3,4 USD/t WoW to 134,55 USD/t. Today coal increased further to 136 level. The whole energy mix had rather bullish development. Especially gas has grown due to December capacity bookings results and Nord Stream II certification process suspension (more in gas section). On the contrary oil weakened thanks to Mr. Biden's intention to release US oil reserves to tackle energy driven inflation. Electricity market, however, followed gas market and increased significantly.

Slovak power market followed the trend of Czech market.

Slovenian market followed trend on other European electricity markets.

SPOT prices have growing trend since Monday following general trend on gas market.  Current market price for Friday is at level ca 94 EUR/MWh.

Gas market has been experiencing significant price increase since Monday as reflection of the results of capacity bookings for December. Russia (Gazprom Export) did not book any extra capacity via Poland, but slightly increased bookings via Ukraine.  This was a disappointment for the market.  On Tuesday news about suspension of Nord Stream II certification process arrived, which elevated the market more significantly. Temporary suspension of the certification process by the German market regulator will last until the headquarters of Nord Stream 2 AG are relocated from Switzerland to Germany. Gas market has since absorbed the news and is relatively stable. The temperatures across Europe are currently above-the-average; however, next week the temperatures are expected to fall lower than below-the-average thus pushing gas demand higher. Gas level in European gas storages decreased by 1,83% WoW (as of Tuesday) to level 73,52%.

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Miroslav Ceman

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