France Power Pricing Trends | 9 August 2022
Driven by natural gas prices, the electricity market rose sharply last week. The CAL Baseload 2023 exceeded €535/MWh on Friday while the CAL Peakload 2023 reached €922.56/MWh on the same day. The market is under pressure, especially as EDF has announced a further reduction in nuclear production this week due to low river flows and above normal temperatures. The weekly average price has risen from 493.66 €/MWh to 522.12 €/MWh for CAL 2023 and from 251.63 €/MWh to 263.12 €/MWh for CAL 2024.
France Natural Gas Pricing Trends | 9 August 2022
Last week, the natural gas market continued to rise. The market is still under pressure from the small amount of gas delivered by Nord Stream 1 (20% of total capacity). Gazprom is looking for pretexts to stop supplying the EU, the European Commission said last Friday. The situation is likely to remain tense in the coming weeks. Thanks to the massive arrival of LNG, French natural gas storage is more than 80% full, and around 70% at European level. The French government is due to detail in September its plan to reduce national gas consumption by 15% this winter, in line with the agreement reached by EU member states. The weekly average price increased from 140.20 €/MWh to 152.88 €/MWh for CAL 2023 and from 85.34 €/MWh to 97.78 €/MWh for CAL 2024.
France Oil Pricing Trends | 9 August 2022
The price of Brent crude oil fell last week. Fears of an upcoming recession and the continuing sluggish Chinese demand for oil are bad signals for market participants. The weekly average price of Brent crude oil felt from 103.84 €/bbl to 94.89 €/bbl.
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