France Energy Pricing Trends - September 2021

Electricity – EEX Baseload Futures

During the month of September, prices continued their dizzying rise. At the beginning of the month, the CAL22 stood at 91.10 €/MWh against 135.22 €/MWh at the end of the month, an increase of 48%.  Natural gas and coal prices have hit record levels, dragging in their wake those of electricity.  The decline in renewable electricity production has also necessitated an increase in gas-fired generation, directly affecting the price of electricity.

Carbon – EUA Futures

Carbon experienced an upward trend during the month of September, rising by 3%. The decline in renewable production was offset by gas-powered production, which involved additional carbon allowance purchases.

Natural Gas – EEX PEG Futures

Prices are extremely tight, even more so in the short term. The low level of storage at European level compared to previous years, coupled with a reduced supply and strong Asian demand explain this exceptional period. These factors consolidated into inchoate "fear" as the winter period approaches.  Gas closed on 30 September at its highest at 57.62 €/MWh, an increase of 70% compared to the beginning of the month. The CAL 23 increased by 35% to reach 31.41 €/MWh at the end of the month.

Fuel – London Brent Spot 

Hurricane Ida left its mark as U.S. production recovered only slowly, forcing reliance on strategic reserves of fuel.  In addition, the growing demand is supporting higher prices.  The price of Brent rose 10% to 78.33 $/bbl on September 30 from 71.28 $/bbl at the beginning of the month.

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