ANALYSE ELEC EN

22/05/2026 - The Calendar 2027 price closed yesterday evening at 55.92 EUR/MWh in France and 92.62 EUR/MWh in Germany, up 2.44% and 1.16% respectively compared to last Thursday. The Calendar 2028 price also closed higher at 51.61 EUR/MWh in France and 79.16 EUR/MWh in Germany.
Electricity prices in Germany are following gas prices in a context of stable CO₂ prices. Germany remains a net importer overall, except during midday when solar generation creates a surplus of supply over demand. Gas-fired power plants operate at an average of 5,500 MW overnight.
Prices for delivery in the third quarter have increased significantly between May 5 and May 21 (+25%). The market appears to be reassessing the impact of possible weather events this summer (drought, heatwaves) on electricity prices in a context of high gas prices. At the beginning of May, electricity prices in France were lower than gas prices. Nuclear production in France remained stable at an average of 40 GW over the period from May 18 to May 22.

The CO₂ price closed yesterday evening at 73.75 EUR/t, down 0.15% compared to last Thursday.
Carbon prices have been moving sideways for a month.
Trading volumes in the emissions allowances market have decreased, as the market awaits the European Commission’s position on new market rules, which are expected to be announced in mid-July.
On May 18, the European Commission held a roundtable on EU ETS reform, bringing together representatives from industries affected by the emissions trading market.