Czech Energy Pricing Trends - 22 Oct. 2021

CO2 price (Dec-21) decreased by 1,46 EUR/t WoW to level 57,98 EUR/t WoW. Today market was quite volatile trading in 58-60 territory. Brent price (Dec21) decreased by 0,25 USD/bbl WoW to 84,61 USD/bbl. Today market traded close to 85,00 level. Coal API (Nov21) decreased significantly by 61,25 USD/t WoW to 166 USD/t. Today coal traded in wide range between 170 -180. The whole energy mix was trading in rather bearish trend this week. Especially coal weakened significantly yesterday as China announced it will push for increase of coal production. CO2 weakened significantly on Tuesday but recovered the very next day. Institutional interventions by the Commission into the functioning of the ETS to reduce the price of CO2 have been ruled out this week.

Slovak power market followed the trend of Czech market.

Slovenian market followed trend on other European electricity markets.

SPOT prices were trading most of time slightly below 90 EUR/MWh level this week.

Gas market experienced rather bearish trend this week. Despite bullish results of November capacity auction, when Gazprom did not book any additional capacities for November (compared to October), market reacted only temporarily and prices fell back to previous levels. The gas market was driven this week especially by the warmer weather when temperatures were significantly above-the-average.  Higher renewables electricity production also caused decrease of the demand for gas. The first pipeline of Nord Stream II was filled with technical gas and filling of the second one shall commence soon. This will prepare this project to be 100% operationally ready by end of December.  However certification of Nord Stream II project is still undergoing and pressure from Poland as well as some EU politicians exist to postpone or stop this project. The net injection into European storages occurred this week thanks to warm weather and currently we are at 77,35% level (as of Wednesday). The volatility will remain huge in current tight gas energy market and price will be probably driven by coal price development, weather and Russian´s gas export figures.

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Miroslav Ceman

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