France Power Pricing Trends | 12 September 2022
The power market eased off last week, reacting positively to the European Commission's proposals to contain soaring energy prices: lower consumption during peak hours, price caps on Russian gas imports, and a cap on revenue from the sale of electricity produced by sources other than gas at €200/MWh (this last proposal is contested by France). The EC is hopeful that it will reach a consensual text this week to be quickly approved by the 27 EU members. The weekly average price has dropped from 698.10 €/MWh to 574.32 €/MWh for CAL 2023 and from 365.08 €/MWh to 288.58 €/MWh for CAL 2024.
France Natural Gas Pricing Trends | 12 September 2022
Following the announcement that Russian gas deliveries via Nord Stream 1 would be stopped, the natural gas market started the week strongly up. In the middle of the week, the market reversed, as the European Commission wanted to apply a regulated price on Russian gas imports. However, this measure could be counterproductive as it could lead to a further decrease in gas deliveries. Good news on the storage side, levels are at their highest for the season, which reassures market players (83% of stocks filled on average in Europe), The weekly average price shrank from 202.74 €/MWh to 189.86 €/MWh for CAL 2023 and from 133.05 €/MWh to 126.26 €/MWh for CAL 2024.
France Oil Pricing Trends | 12 September 2022
The price of Brent crude oil fell last week as fears of a coming recession loomed over the oil market. To stem this decline, OPEC members agreed to cut their production by 0.1 million barrels per day, and the price of Brent crude oil rose again at the end of the week. The weekly average price of Brent crude oil grew from 97.02 €/bbl to 91.61 €/bbl.
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