2021-12-22 12:15:00
EUROPEAN GAS PRICES UP
PLATTS - 21 Dec 2021 - Europe's energy crisis deepened Dec. 21 as spiraling gas prices pushed European electricity contracts to unprecedented highs.
German Cal-2022 baseload power jumped 25% on the day to settle at Eur315.00/MWh.
The benchmark contract traded as high as Eur315.99/MWh on EEX, up over 500% since the start of the year and more than doubling since Dec. 6.
In France, undergoing record-low nuclear availability this winter, February baseload traded at Eur1,000/MWh while peakload traded at Eur2,000/MWh amid very thin volumes, with just 1 MW traded for each contract, EEX data showed.
Gas prices continued to soar Dec. 21 across the board with Platts assessing TTF front-month at a record Eur180.30/MWh, up 23% on the days and also doubling since Dec. 6.
The January 2021 contract was assessed at Eur16.825/MWh exactly a year ago.
The on-year gain for gas alone added some Eur330/MWh to gas-fired power generation costs for January 2022.
On the spot, French and German day-ahead power settled above Eur400/MWh for a second day in a row, Epex Spot data showed.
A swing to milder and windier weather as well as reduced demand over the holidays were set to deflate spikes.
French nuclear availability improved slightly above 43 GW with the Paluel 1 reactor restarting Dec. 21, while Blayais 4 was delayed another day to Dec. 22.
French utility EDF said Dec. 15 that faults detected at two rectors at Civaux prompted a preventative shutdown of two similar units at Chooz, an estimated reduction in planned production of 8 TWh between now and April.
Platts Analytics cut its French nuclear output assumption to a record-low of 48.8 GW for January and 47.9 GW for February.
French energy minister Barbara Pompili said Dec. 19 that a "general black-out was not happening this winter", the minster asking EDF to mobilize all available resources to return reactors as soon as safely possible.
Maintenance work would continue over the Christmas break, the minister said in an interview with FranceInfo.
French grid operator RTE can also trigger interruptible contracts and lower voltage on the grid, the minister said.
RTE's updated winter outlook was due Dec. 30. It has already warned of security of supply risks in January and February.
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Earlier:
2021, December, 16, 14:30:00
EUROPEAN CARBON NEUTRALITY
Specifically, the commission proposed to align the rules for the energy performance of buildings with the European Green Deal and decarbonise the EU's building stock by 2050.
2021, December, 15, 12:55:00
EUROPEAN GAS PRICES GROWTH
Derivatives linked to TTF, Europe’s wholesale gas price, soared as high as €131 per megawatt hour
2021, December, 10, 14:45:00
EUROPE CARBON PRICES UP
The carbon benchmark hit a fresh record of 90.75 euros on Wednesday.
2021, December, 9, 12:15:00
EUROPE'S GAS STOCKS DOWN ANEW
Storage facilities are now only 66% full, a level of depletion they would not normally reach until the middle of January in an average winter.
2021, December, 1, 15:40:00
EUROPE GAS STOCKS DOWN
A very cold winter could trigger increased gas demand for heating and power generation at a time when European gas stocks remain well below the average for the time of year and supply from Russia continues to disappoint.
2021, November, 22, 12:25:00
EUROPEAN COAL BAN
The revised EEAG, also called Climate, Environmental Protection and Energy Aid Guidelines (CEEAG), foreseen to apply from 2022, is likely to ban state support for projects involving fossil fuels, in particular oil, coal and lignite.
2021, September, 22, 12:55:00
EUROPEAN ENERGY PRICES UP
Benchmark European power prices have rocketed this year, more than trebling in Spain and elsewhere
