POWER
Czech Cez increased its hedging for power delivered in 2025-28 in 3Q24 compared to the 1H24, with average prices falling on the quarter. Its contracted emissions rose for all years – except 2028 which still hasn’t been contracted – with price increases only recorded for 2027 emissions, it said today.
- Cez hedged 49% and 22% of its power output for delivery in 2026-27 at an average price of €95/MWh and €79/MWh, respectively at the end of September.
- This is up from the end of June when the firm hedged 40% and 15% of its 2026-27 power at €97/MWh and €80/MWh.
- The firm sold forward 5% of its 2028 power at an average of €72/MWh. This is slightly up from the 3% hedged at the end of 2Q, which was also sold at an average of €72/MWh.
- And its hedging for 2025 was at 80% at €118/MWh – climbing sharply from 71% at the end of June – which was sold at €120/MWh at the time.
- The Czech 2025 baseload power contract settled at €96.38/MWh on 11 Nov, while the 2026-27 baseload power contracts cleared at €86.70/MWh and €80.40/MWh, respectively on 11 Nov, according to EEX.
- Separately, it hedged around 9.6 mn/t of emission allowances for 2025 at an average price of €87/t CO2e at the end of 3Q24, with 5.2 mn/t and 1.9 mn/t of emissions hedged for 2026-27 at an average price of €83/t CO2e and €75/t CO2e, respectively.
- This is up from 8.1 mn/t of emission hedged for 2025 at the end of June, as well as 3.5 mn/t and 0.9 mn/t contracted for 2026-27, respectively. Price increases on the quarter were only evident for the year 2027, with falls for 2025-26.
- The December 25 and December 26 EU ETS contracts are at €68.20/t CO2e and €70.35/t CO2e, respectively, at the time of writing.
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