Czech Energy Pricing Trends - 28 May 2021

CO2 price (Dec-21) decreased by 0,86 EUR/t WoW to level 51,84 EUR/t WoW. Today CO2 started with further decline (close to 51,00 level), but by afternoon it grew to level above 52,00 EUR/t. High volatility remains in this market. Brent price (Jul21) increased by 4,35 USD/bbl WoW to 69,46 USD/bbl. Brent price is trading today slightly below 70,00 level. Coal API (Jun21) increased significantly by 5 USD/t WoW to 90,3 USD/t and today jumped up and is trading close to 93,00 level. The growing energy mix (coal, gas and oil) pushed prices higher (except Cal 23 product) and outweighed the CO2 decline. Coal continued in growth thanks to strong Asian demand and problems with coal supply from Columbia. Oil grew as well due to higher demand expectations due to loosening anti-COVID measures in many countries. Many analysts expect EUAs to continue to trade between EUR 50-55/t next week as the market continues to look at natural gas prices and participants await the UK’s second allowance auction. Warmer weather in beginning of June might decrease power demand with higher solar generation. However, on the other side, wind generation should decline. Sufficient hydro generation in SE Europe as well as strong wind generation this week did not affect spot prices significantly and they remained level above 60 EUR/MWh throughout  most of peak hours period.

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Miroslav Ceman

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