Electricity and Gas Market:
The Latest Trends

Market Analysis for August

On the electricity side, the French market followed a trend very similar to gas in August, though for different underlying reasons

• CAL 2027 contract: +€5.35/MWh, close to 8% 
• CAL 2028 contract: nearly stable
• CAL 2029 contract: nearly stable, with even a slight decrease of close to 1%

While the geopolitical impact does explain the rise in the CAL 2027 in August, this trend is also the result of the availability constraints seen this summer (heatwave, jellyfish), which created a risk premium on the shorter maturities. The market, however, does not view either the Middle East situation or these technical constraints as lasting, and even anticipates increased production capacity going forward: this confidence is reflected in the stability of the 2028 and 2029 maturities.

💡 What is a CAL contract?

A CAL contract sets the average energy price for a full upcoming year (2027, 2028, 2029 or 2030). It is a tool widely used by businesses that want to lock in a price over the long term, without being exposed to day-to-day fluctuations.