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Bob Meinetz's picture
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I am a passionate advocate for the environment and nuclear energy. With the threat of climate change, I’ve embarked on a mission to help overcome the fears of nuclear energy. I’ve been active in...

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  • Sep 17, 2021

A record run in energy prices that pushed European electricity costs to multi-year highs is unlikely to ease off before year-end, pointing to an expensive winter heating season for consumers.

The key benchmark EU and French power contracts have both doubled so far this year due to a confluence of factors ranging from Asia's economic recovery - which sent related coal and gas prices soaring - to political will to drive up European carbon emission permits, higher oil prices and low local renewable output.

The benchmark EU power contract, German Cal 2022 baseload power , on Friday set a new contract record of 97.25 euros ($115.09) a megawatt hour (MWh), while its French equivalent was just off a record 100.4 euros/MWh."

Dr. Amal Khashab's picture
Dr. Amal Khashab on Sep 19, 2021

No wonder at all. Multi-dimensions targets need high prices.

Christopher Neely's picture
Christopher Neely on Oct 1, 2021

Why does Asia's economic recovery have an impact on the price of coal and natural gas?

Bob Meinetz's picture
Bob Meinetz on Oct 5, 2021

Good question Christopher. Probably when COVID shut down Chinese coal mines it disrupted internal supply chains. As the economy recovered after discovery of a vaccine, suppliers weren't able to keep up with demand:

"Despite being the world’s largest coal producer, China on Monday had only 14 days of coal stockpiles on hand to be able to power the country and it will need to increase its coal imports. But sourcing coal imports will be difficult and costly, partly due to a Chinese embargo imposed last year on coal imports from Australia, the world's largest coal exporter.

Beijing imposed the embargo in retaliation after Canberra called for an international investigation into the origins of the coronavirus.

With Beijing ordering state-owned energy companies to secure supplies, global energy markets are likely to see a bidding war for supplies of coal and natural gas, boosting prices worldwide. Capital Economics, an economic research consultancy in London, told clients last week: 'Power shortages seem unlikely to ease any time soon.'”

Bob Meinetz's picture
Thank Bob for the Post!
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