Monthly Price Brief - A Review of European Gas and Power Price Trends: June 2007

Table of Contents

• DATAMONITOR VIEW
  • CATALYST
  • SUMMARY
• ANALYSIS
  • This brief assesses key developments in Europe' s major wholesale energy markets
  • Prompt European wholesale power prices have continued on an upward trend in May
  • In common with the prompt part of the curve, European forward power prices have continued to firm
  • Belgian power prices have firmed in both the prompt and forward parts of the curve during May
  • After a weak start to the month, French power prices gained significant ground during May, particularly at the prompt end of the curve
  • Fears over possible plant operation problems over the summer have pulled up prompt German contracts
  • Market sentiment over plant outages over the summer have helped Dutch power prices to continue gaining ground throughout the curve
  • Although UK power prices have been in bullish mood in May, the price rises are of the magnitude seen elsewhere in Europe
  • European prompt gas prices enjoyed a bullish period during May
  • Longer term gas prices across Europe did not see the bullish sentiment that has characterised prompt contracts during May
  • Reduced gas imports from Norway impacted a considerable influence on short term UK gas prices during May
  • TTF prompt prices have tracked the NBP upwards during the month of May
  • Zeebrugge prices found their greatest degree of strength at the prompt end of the curve
  • Following a period of decline, European coal prices found a new bullish tone during May
  • Phase 2 credits have continued to gain ground in May, though the Phase 1 collapse has continued
  • Crude prices have showed a slight decline in June
  • This brief contains a number of industry standard terms
• APPENDIX
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  • Disclaimer
  • List of Figures
    • Figure 1: European baseload Month-Ahead power prices
    • Figure 2: European baseload Year-Ahead power prices
    • Figure 3: Belgian baseload power prices, various contract periods
    • Figure 4: French baseload power prices, various contract periods
    • Figure 5: German baseload power prices, various contract periods
    • Figure 6: Dutch baseload power prices, various contract periods
    • Figure 7: UK baseload power prices, various contract periods
    • Figure 8: European Day-Ahead wholesale gas prices
    • Figure 9: European Year-Ahead wholesale gas prices
    • Figure 10: NBP wholesale gas prices, various contract periods
    • Figure 11: TTF wholesale gas prices, various contract periods
    • Figure 12: Zeebrugge wholesale gas prices, various contract periods
    • Figure 13: European benchmark coal prices, various contract periods
    • Figure 14: European carbon emission allowance price, various contract periods
    • Figure 15: Brent (blend) crude oil prices