5.1.2.1.2 Forward electricity prices in Europe (1)
| France | United Kingdom | Italy | Belgium | |
|---|---|---|---|---|
| Average forward baseload price under the 2023 annual contract in 2022 (€/MWh) | Average forward baseload price under the 2023 annual contract in 2022 (€/MWh)France368.5 |
Average forward baseload price under the 2023 annual contract in 2022 (€/MWh)United Kingdom289.8 |
Average forward baseload price under the 2023 annual contract in 2022 (€/MWh)Italy269.7 |
Average forward baseload price under the 2023 annual contract in 2022 (€/MWh)Belgium253.2 |
| Variation in average forward baseload price under the annual contracts, 2022/2021 | Variation in average forward baseload price under the annual contracts, 2022/2021 France+285.9% |
Variation in average forward baseload price under the annual contracts, 2022/2021 United Kingdom+201.8% |
Variation in average forward baseload price under the annual contracts, 2022/2021 Italy+178.4% |
Variation in average forward baseload price under the annual contracts, 2022/2021 Belgium+194.2% |
| Forward baseload price under the 2023 annual contract at 31 December 2022 (€/ MWh) | Forward baseload price under the 2023 annual contract at 31 December 2022 (€/ MWh)France271.7 |
Forward baseload price under the 2023 annual contract at 31 December 2022 (€/ MWh)United Kingdom243.2 |
Forward baseload price under the 2023 annual contract at 31 December 2022 (€/ MWh)Italy223.0 |
Forward baseload price under the 2023 annual contract at 31 December 2022 (€/ MWh)Belgium206.0 |
| Average forward peakload price under the 2023 annual contract in 2022 (€/MWh) | Average forward peakload price under the 2023 annual contract in 2022 (€/MWh)France600.7 |
Average forward peakload price under the 2023 annual contract in 2022 (€/MWh)United Kingdom350.1 |
Average forward peakload price under the 2023 annual contract in 2022 (€/MWh)Italy308.1 |
Average forward peakload price under the 2023 annual contract in 2022 (€/MWh)Belgium315.4 |
| Variation in average forward peakload price under the annual contracts, 2022/2021 | Variation in average forward peakload price under the annual contracts, 2022/2021 France+390.4% |
Variation in average forward peakload price under the annual contracts, 2022/2021 United Kingdom+216.4% |
Variation in average forward peakload price under the annual contracts, 2022/2021 Italy+189.7% |
Variation in average forward peakload price under the annual contracts, 2022/2021 Belgium+206.8% |
| Forward peakload price under the 2023 annual contract at 31 December 2022 (€/ MWh) | Forward peakload price under the 2023 annual contract at 31 December 2022 (€/ MWh)France367.9 |
Forward peakload price under the 2023 annual contract at 31 December 2022 (€/ MWh)United Kingdom321.7 |
Forward peakload price under the 2023 annual contract at 31 December 2022 (€/ MWh)Italy268.3 |
Forward peakload price under the 2023 annual contract at 31 December 2022 (€/ MWh)Belgium253.2 |
All over Europe, forward prices for baseload and peakload electricity under annual contracts were substantially higher than in 2021, principally due to increases in commodity prices (gas, coal and CO2).
In France, the average annual contract baseload price for next-year delivery was €368.5/MWh in 2022, up by 285.9% from 2021. This increase reflects the rise in commodity prices and market expectations of a particularly tense domestic supply/demand balance due to forecasts of low nuclear availability. The forward price for next-year delivery rose throughout the first half-year, reaching €1,130/MWh on 26 August 2022. It then fell back sharply during the second half-year, to end the year at €271.7/MWh, since the markets were reassured by high gas stocks, LNG imports and milder temperatures.
In the United Kingdom, the April Ahead contract baseload price increased by 201.8% compared to 2021, following the same pattern as commodity prices, standing at an average €289.8/MWh for 2022.
In Italy, the annual contract baseload price for next-year delivery was an average €269.7/MWh for 2022, up by +178.4% from 2021. This increase was driven by the rise in commodity prices from the start of the year. CO2 prices remained volatile throughout the year, pushing up electricity prices, which rose over the year because gas accounts for a large portion of the Italian electricity mix.
In Belgium, the annual contract baseload price for next-year delivery was 194.2% higher than in 2021, reaching an average €253.2/MWh for 2022 as a result of rising commodity prices.
Principal forward electricity prices in Europe (baseload year ahead), in €/MWh
This graph shows the principal forward electricity prices in Europe (baseload year ahead), in €/MWh.
Electricity - Annual baseload contract France (EEX)
2021
January: approximately 35
April: approximately 36
July: approximately 38
October: approximately 131
December: approximately 400
2022
January: approximately 129
April: approximately 231
July: approximately 435
October: approximately 532
December: approximately 236
Electricity Annual baseload UK (EDF Trading)
2021
January: approximately 36
April: approximately 36
July: approximately 38
October: approximately 132
December: approximately 320
2022
January: approximately 160
April: approximately 152
July: approximately 270
October: approximately 332
December: approximately 234
Electricity - Annual baseload contract Italy (EDF Trading)
2021
January: approximately 35
April: approximately 36
July: approximately 38
October: approximately 132
December: approximately 321
2022
January: approximately 128
April: approximately 158
July: approximately 333
October: approximately 331
December: approximately 229
(1) France and Germany: average year-ahead EEX price; Belgium and Italy: average year-ahead EDF Trading price; United Kingdom: average ICE annual contract prices, April 2021 then April 2022 (in the UK, annual contract deliveries take place from 1 April to 31 March).