France Energy Pricing Trends - May 2021

Electricity – EEX Baseload Futures

During the month of May, the meteoric rise in electricity prices was dampened by the fall in carbon prices midmonth. The increase is on average 7.23 €/MWh for CAL 22 and 4.67 €/MWh for CAL 23.

Carbon – EUA Futures

Following the first auctions for UK emission quotas, prices have ebbed slightly. However, the presence of speculative purchasing keeps prices high. On a monthly average, prices increased by 6.90 €/t and stood at 51.61 €/t at the end of the period.

Natural Gas – EEX PEG Futures

In mid-May the market reacted to the announcement by the United States that it renounced sanctions on the Nord Steam 2 project. Prices derailed somewhat from their previous trend. Prices increased on a monthly average of 2.62 €/MWh for CAL 22 and 1.25 €/MWh for CAL 23.

Fuel – London Brent Spot

The month of May was marked by the lifting of U.S. sanctions on Iran. This announcement did not sustain a persistent bearish effect, as the projected economic recovery in the third quarter of 2021 took precedence. The price of a barrel of Brent increased on a monthly average by 2.91 $/bbl. The average daily valuation of oil was 68.27 $/bbl. At the beginning of the month, this price was 67.62 $/bbl.

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