Increase in margins of thermoelectric production from natural gas

In the first half of July, the Italian electric power market was characterized by an increase in demand and spot prices, which helped increase significantly the margins earned by producers of electric power from natural gas. In fact, despite the rise in the cost of CO2 emissions, which in July averaged about 28 €/tonne, natural gas spot prices are still very low. From negative and zero margins in April and May respectively, we passed to a consolidated 22% in June and a partial 30% in July. The effect is also filtering through to the forward market where, on delivery for the calendar year 2021, the weight of CO2 remains around 20% against a margin that rises to 22%.

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