Electricity and Gas Market:
The Latest Trends

Market Analysis for July

On the electricity side, the French market also saw a notable increase in July, although it is less directly exposed to the geopolitical context than gas.

• CAL BL 2027 contract: from €56.89/MWh (1 July) to €70.56/MWh (24 July), i.e. +24% in under a month
• CAL 2028 contract: +6.5% (i.e. +€3.28/MWh)
• CAL 2029 and 2030 contracts: under 0.5% increase

The increase is mainly concentrated on the short term and appears to be a knock-on effect of rising gas prices a cyclical effect carrying over into 2027 without affecting the longer-term outlook.

💡 What is a CAL contract?

A CAL (calendar-year) contract sets the average energy price for a full upcoming calendar year (2027, 2028, 2029…). Businesses use it to lock in a price over the long term, without being exposed to day-to-day market fluctuations.