France Energy Pricing Trends - June 2021

Electricity – EEX Baseload Futures

During the month of June, rising demand, industrial action at EDF and carbon prices have led to a bullish electricity market. The continuous increase in gas prices has amplified the phenomenon.  The increase is on average 13% for CAL 22, which opened at 65.30 €/MWh at the beginning of June & ended the month at 73.65 €/MWh.

Carbon – EUA Futures

Since mid-June, price increases have accelerated to their highest level by the end of the month. This trend is due in particular to an increase in gas and coal-fired electricity production, requiring the purchase of a significant amount of carbon allowances. The European Commission will soon decide on a possible revision of CO2 quotas (downwards). Significant movements in this market are to be expected.  On a monthly average, prices increased by 9% and stood at 56.26 €/t CO2 at the end of the period (against 51.61 €/t CO2 at the beginning).

Natural Gas – EEX PEG Futures

The market remains extremely bullish due to the combined effects of maintenance in the North Sea, a low level of storage for the period, limited Russian deliveries and strong Asian demand for LNG (tanker deliveries).  June saw a higher increase for CAL 22 (23%), which closed the period at 25.54 €/MWh. CAL 23, however, increased by 11%, reaching 19.81 €/MWh.

Fuel – London Brent Spot

The price of oil continues to rise, supported by global demand. At the same time, OPEC+ members are unable to agree on their production quotas.  Prices reached last month are at their highest level since October 2018.  The average daily valuation of oil closed at 74.64 $/bbl by the of June. This month saw an average 6% rise.

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