France Energy Pricing Trends - Jan. 2022

Electricity – EEX Baseload Futures

After an earlier phase this month marked by a relaxation of prices, the trend has reversed. This follows the announcement confirming, for Penly 1, a defect similar to the Chooz and Civeaux reactors. The expected shutdown time for these 5 reactors will be very long (until the end of 2022, in some cases). CAL 23 opened at 127.28 €/MWh and closed out the month at 152.71 €/MWh (+20%).  Meanwhile CAL 24 rose by 19%.

Carbon – EUA Futures

Carbon continued to rise, +6% in January, reaching a new record at 89.74 €/mt.  CO2 closed at 88.90 €/mt against 83.63 €/mt on January 2nd.

Natural Gas – EEX PEG Futures

After a slight relaxation thanks to the contribution of LNG carriers from the USA, the market has firmed up again in the last 10 days. The crisis between Ukraine and Russia and low levels of gas storage are still weighing on prices. CAL 23 closed at 54.49 €/MWh, or the equivalent of a 19% increase compared with January 1st. CAL 24 increased by 24%, reaching 34.75 €/MWh by month’s end.

Fuel – London Brent Spot 

Brent prices continued to rise due to high demand and interference by Russian-Ukrainian tensions. Brent closed at 89.30 on January 31st vs 78.90 $/bbl on January 1st.

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