France Energy Pricing Trends - May 2022

Electricity – EEX Baseload Futures

The meteoric rise in prices observed on the markets for several months continued during the first half of May, culminating in a 310 €/MWh price for CAL23 BL. On the other hand, prices stabilized in the second half of the month thanks to lower gas prices, the "springtime" drop in demand and high solar production. However, the markets remain very tense with a historically low level of French nuclear production (30 reactors closed out of 56). Energy stakeholders are also waiting for the rundown of the checks on the first generation reactors (900 MW). CAL 23 BL started out the month at the price of 256.27 €/MWh, versus 305.57 €/MWh now (+19%), whereas CAL 24 BL saw an 18% increase over the same time.

Carbon – EUA Futures

After a sharp fall in prices in the middle of the month in reaction to rumors of additional quotas (via the Market Stability Reserve mechanism), carbon prices rose again at the end of the month. Carbon closed out the month at 83.65 €/tCO2eq.

Natural Gas – EEX PEG Futures

May started with a decline in the markets but prices have started to rise again in the last week. However, despite this rebound, market fundamentals remain unchanged with strong and consistent Russian import volumes and the arrival of many LNG cargoes. Storage is taking place at a steady pace and has reached a 50% fill rate by late May. CAL 23 prices reached 74.74 €/MWh by month’s end, a 7% increase against the beginning of the month. CAL 24 dropped by 4%, reaching 55.15 €/MWh in late May.

Fuel – London Brent Spot

The price of oil has risen, driven by the "driving-season" (departure on holiday of the Americans) and the announcement on May 31st of an EU-wide embargo on most imports from Russia (toward the goal of reducing EU reliance on Russian fuel by 90% by the end of the year). Brent closed at 116.21 $/bbl on May 31st, or an 8% rise against the start of the month.

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