France Energy Pricing Trends - 3 October 2022
3 Oct 2022
France Power Pricing Trends | 3 October 2022
The electricity market remained stable last week. There is very little liquidity for CAL 23 products. Market participants had been waiting for the European Commission meeting on Friday. European ministers agreed on the implementation of two measures:
- A 5% reduction in electricity consumption during peak hours
- A 180 €/MWh ceiling on the resale of electricity produced from nuclear and renewable sources
Aiming to target exceptional profits gained due to low underlying costs. The levy on profits above that amount will have to be used by Member States to help consumers cope with rising costs.
In France, the quick relaunch of nuclear power plants is proving harder than expected to achieve. For example, the Bugey power plant will return to full operations one month late. The weekly average price has increased from 568.41 €/MWh to 567.23 €/MWh for 2023 but decreased from 271 €/MWh to 265.37 €/MWh for CAL 2024.
France Natural Gas Pricing Trends | 3 October 2022
The natural gas market rose sharply at the beginning of the week following the announcement of simultaneous explosions on the Nord Stream 1 & 2 pipelines. The market then retreated following encouraging signals: European stocks filled to more than 88% and mild weather was announced in a week. The weekly average price shrank from 171.71 €/MWh to 172.32 €/MWh for CAL 2023 and from 112.44 €/MWh to 120.74 €/MWh for CAL 2024.
France Oil Pricing Trends | 3 October 2022
The price of Brent held steady last week, as fears of recession kept prices low and inventories fell after Hurricane Ian swept through the Gulf of Mexico. OPEC+ could quickly announce a reduction in production to the tune of one million barrels fewer, which could hit oil prices in the coming days. The weekly average price of Brent crude oil dropped from 90.73 €/bbl to 89.52 €/bbl.
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