France Energy Pricing Trends - 25 July 2022

France Power Pricing Trends | 25 July 2022

The electricity market dropped last week, following the trend in the price of natural gas and the decrease in the price of CO2. Foreseeing a tapering down of industrial production and, consequently, of demand for allowance after the EU tabled a 15% cut in natural gas consumption this winter, carbon quota pricing fell. The National Assembly has forged ahead on a slate of measures to shore up purchasing power, including an amendment authorizing an ARENH price increase. From next January, the price will surge from 42 €/MWh to 49.50 €/MWh. A second amendment commits France to a max 120 TWh ARENH threshold instead of the 150 TWh enshrined in 2019’s Energy-Climate Law. The bill now passes to the Senate for further debate. The weekly average price has shrunk from 466.96€/MWh to 457.21 €/MWh for CAL 2023 and from 259.28 €/MWh to 248.94 €/MWh for CAL 2024.

France Natural Gas Pricing Trends | 25 July 2022

After a decline at the start of the week, the natural gas market rose again from Wednesday. Despite the end of the maintenance of Nord Stream 1 last Thursday and the delivery of Russian gas to the tune of 40% of its optimal capacity, market participants remain fearful of further slowdowns in the supply of natural gas. President Putin has announced that a further turbine in the pipeline is failing and that Russian gas delivery could be limited to 20% of the pipeline's total capacity. The weekly average price fell from 126.19 €/MWh to 118.56 €/MWh for CAL 2023 and from 82.79 €/MWh to 76.90 €/MWh for CAL 2024.

France Oil Pricing Trends | 25 July 2022 

While in the United States demand for gasoline is low for the summer period, the US administration has announced a surprise increase in gasoline reserves of 3.5 million barrels. The situation in Libya is stabilizing and oil production is increasing. The weekly average price of Brent crude oil grew from 100.51 €/bbl back to 103.37 €/bbl (in-line with pricing on July 11th).

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