ANNUAL RESULTS 2020
Strategy and
investments
ESG
Renewables
Regulated
France - Generation and
supply
Consolidated sales
Operational data and markets
CO₂ MARKET
2
The price of CO2 allowances (EUA(1)) in the European Union Emissions Trading
Scheme (EU ETS) rose sharply in 2018, from €7 to €25/tCO2, in connection
with the implementation of the Market Stability Reserve, which planned the
gradual absorption of the market surplus
In 2019, the price of the CO2 quota fluctuated between €18 and €30/t, following
the plans to close German coal-fired power plants and on developments at
Brexit, which could have relaxed or tightened the market's supply-demand
balance, depending on its outcome
In 2020, the price of the quota has confirmed its volatility. It fell to €15/t in March
when all markets fell but went above €30/t several times during the year in
response to positive ecological political signals. It ended the year on a strong
increase, fueled in particular by the European Commission vote on a
CO2 emissions reduction target of 55% by 2030
The quota price has confirmed its upwards trend since the start of 2021,
resulting from three key factors: the EU's ambitious emissions reduction targets,
the growing presence of speculators on the carbon market and increases in the
gas and coal prices.
The price of electricity – set at the level of the marginal cost of generation – is
therefore sensitive to variations in the price of CO₂ that influence the cost of
generating electricity from gas and coal
Sensitivity of the wholesale price of electricity in France to the price of CO2,
currently in the order of €0.50/MWh for €1/tonne of CO2
In €/tCO2
44
42
40
38
36
34
1232222200±
28
26
24
18
16
14
CO2 - for delivery in €/t in December of year N+1 (ICE)
Ice
Global markets in clear view
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-19
Jun-19
Jul-19
Aug-19
Oct-19
May-19
Sep-19
The price of the emission certificate for delivery in December Y+1 averaged €37.9/t
in Q1 2021, increasing substantially from Q1 2020 (+65% or +€14.9/t vs. Q1 2020).
Use transfers
Variable generation cost
(€/MWh)
Energy efficiency
Demand
<< Reservoir »
hydro
CCGT
Market price
Renewables:
hydro run-of-
river, wind, PV)
Nuclear
Coal + lignite
Peak (thermal, disruptions)
Commodity
prices: coal, gas,
CO₂
Installed capacity (GW)
89
(1)
EUA EU allowance
EDF
SALES FIRST QUARTER 2021
Développement
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