France Energy Pricing Trends - 19 July 2022

France Power Pricing Trends | 19 July 2022

The current heat wave has had a direct impact on the electricity market. The demand for electricity is growing through the widespread reliance on AC systems, in a context where electricity output remains very tense in France. As the temperature of the water used to cool the reactors has reached extreme levels, EDF is currently forced to shut down several nuclear power plants on the banks of the Garonne and Rhône rivers. This new heat wave has resulted in an increase in prices of all products. The weekly average price has risen from 420.22 €/MWh to 466.96 €/MWh for CAL 2023 and from 231.60 €/MWh to 259.28 €/MWh for CAL 2024.

France Natural Gas Pricing Trends | 19 July 2022

After an all-time high last Wednesday (132.70 €/MWh for CAL 23), natural gas prices eased slightly at the end of the week. Natural gas flows from Norway have returned to normal. The level of storage in Europe stands at 63% (compared to 53% last year). However, the fear of interruption in Russian gas exports is growing, especially should Nord Stream 1 fail to resume after its annual maintenance. The EU has maintained the message of reducing natural gas usage in industry to the Member States. The weekly average price increased from 120.66 €/MWh to 126.19 €/MWh for CAL 2023 and from 79.86 €/MWh to 82.79 €/MWh for CAL 2024.

France Oil Pricing Trends | 19 July 2022  

The decline in Brent pricing continues. This decline is based on growing fears of an upcoming recession, alongside Chinese demand having already taken a dent following ongoing local lockdown orders. On the other hand, global production is still under stress. Due to an ongoing political crisis in Libya, Libyan oil production has halved. The weekly average price of Brent crude oil dropped from 103.26 €/bbl to 100.51 €/bbl.

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