France Energy Pricing Trends - July 2021

Electricity – EEX Baseload Futures

The month of July ended with a peak in the Cal 22 at 77.02 €/MWh, a record price level since 2008.  After an easing of prices in the first weeks of the month, stock market values surged in the last days of July.  Market players anticipate a recovery in activity and an increase in demand for oil and natural gas, both of which influence electricity prices.

Carbon – EUA Futures

The market is down on July: the EU has announced its carbon emission reduction targets, giving better visibility to market players.  Despite the summer period and the drop in trading over the last few days, the market is anticipating a reduction in auctions by European governments in August, pushing up the price of CO2 at the end of the month.  The price of carbon closed at the end of June at 56.26 €/t CO2 and stood at 53.27 €/t CO2 on 30 July, a drop of 5%.

Natural Gas – EEX PEG Futures

After a drop in the natural gas futures market caused by the progress of the Nord Stream 2 project, the market became tense again in the last days of July.  The filling of natural gas stocks in Europe remains very low for the season (55% of capacity at the end of July), worrying the market players.  The CAL 22 closes on 30th July at 27.44 €/MWh, an increase of 5% compared to the beginning of July. CAL 23 is up 3% to €20.41/MWh last Friday.

Fuel – London Brent Spot 

As with other energy sources, the price of oil fell in the first part of July, before recovering to around $75/bbl by mid-month. Global demand for oil remains strong despite the rise of the Delta variant in several countries.  The price of a barrel of Brent crude oil rose by less than 1% to $75.16/bbl on 30 July.

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