France Power Pricing Trends | 16 August 2022
Driven by natural gas prices, the electricity market exploded last week. The 2023 Baseload CAL product exceeded the 600 €/MWh mark on Thursday and the 2023 Peakload CAL reached 1014.33 €/MWh at the end of the week. France's Nuclear Safety Authority said earlier this week it would change rules about keeping nuclear power plants running during a heat wave, causing uncertainty in the electricity market. The weekly average price has risen from 522.12 €/MWh to 581.17 €/MWh for CAL 2023 and from 263.12 €/MWh to 313.30 €/MWh for CAL 2024.
France Natural Gas Pricing Trends | 16 August 2022
Last week, the natural gas market reached new heights. The market is caught in a vice due to reduced gas flows via Nord Stream 1 (20% of total capacity). Incomplete and erroneous administrative forms were identified by Gazprom on Thursday as standing in the way of overhauling a set of turbines and returning to full capacity. The standoff between Russia and the EU continues. Indeed, the European embargo on Russian coal came into force the day before Gazprom's announcement. The weekly average price increased from 152.88€/MWh to 169.42 €/MWh for CAL 2023 and from 97.78 €/MWh to 115.25 €/MWh for CAL 2024.
France Oil Pricing Trends | 16 August 2022
The price of Brent remained relatively stable last week. Thursday's upward revision of global oil demand by the International Energy Agency gave new impetus to the rise in crude prices. The weekly average price of Brent crude oil grew slightly from 94.89 €/bbl to 94.92 €/bbl.
The information above is an excerpt from the applicable report referenced above. For a full and complete copy of this report please complete the form below, sign up for our newsletters or schedule a virtual meeting at your convenience.