Czech Energy Pricing Trends - 2 July 2021

CO2 price (Dec-21) increased by 2,57 EUR/t WoW to level 58,06 EUR/t WoW. Today CO2 started with slight decline and is trading now around 57,6. Brent price (Sep21) increased by 1,03 USD/bbl WoW to 75,84 USD/bbl. Brent price is trading today around 75,5 level.  Coal API (Aug21) increased significantly by 9,75 USD/t WoW to 119,95 USD/t and today is trading close to 122,00 level. The growing energy mix (coal, gas and oil) including CO2 pushed electricity prices close to historical maximums in near curve market.

Coal continued in very strong growth thanks to strong Asian demand and general energy mix growing trend. Oil grew as well, today´s OPEC meeting might bring some news regarding increase of oil supply; however, the effect on prices will be rather short term and with current bullish trend we can expect oil to grow in coming weeks. European power prices are further pushed by gas prices, especially in countries where gas has more important role in energy mix. Higher prices in some countries are then affecting prices in neighbouring countries thus price effect can be visible in the whole European power market.  Further (risks of) price increases are expected by the market in coming weeks.

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Miroslav Ceman

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