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Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : La baisse du prix de CO2 d’hier de près de 4 €/tonne est à relativiser

>Le prix de CO2 a baissé de 4.0 €/tonne hier à 18.9 €/tonne (-18%) - Le prix de CO2 a baissé de 4.0 €/tonne hier à 18.9 €/tonne (-18%). Bien qu’impressionnante, cette forte baisse en une seule séance est à relativiser selon nous. Le prix de CO2 a beaucoup augmenté ces dernières semaines passant de 7.8 €/tonne début 2018 à 23 €/ tonne le 12 septembre (mercredi). Le prix moyen de CO2 en 2018 se situe ainsi à 14 €/tonne (en ligne avec nos attentes sur l’ensemble de l’an...
Underlyings
EDF EUR 0.5

EDP - Energias do Brasil S.A.

Energias do Brasil is a holding company. Through its subsidiaries, Co. is engaged in the generation, acquisition, transmission, distribution and sale of hydroelectric and thermoelectric energy, as well as the import and export of electricity in the form of medium, high, and very-high tension electric energy.

Enel SpA

Enel Societa Per Azioni is engaged in the generation and sale of electricity through its Generation, Energy Management and Sales Italy Division. Co. is also engaged in the distribution of electricity (Enel Distribuzione) and public and artistic lighting (Enel Sole) in Italy through its Infrastructure and Networks Division. Co.'s Iberia and Latin America Division coordinates Co.'s operations in the electricity and gas markets in Spain, Portugal and Latin America. Co.'s Engineering and Research Division manages the engineering processes related to the development and construction of power plants. Co.'s other divisions are the International Division as well as the Renewable Energy Division.

ENGIE Brasil Energia S.A.

Engie Brasil Energia is a power plant operating and development group based in Brazil. Co. is engaged in developing and operating power plants, as well as operations in active energy trading. Co. maintains plants installed in Brazil's five regions, namely in the following states: Rio Grande do Sul, Santa Catarina, Parana, Sao Paulo, Minas Gerais, Mato Grosso do Sul, Mato Grosso, Goias, Tocantins, Maranhao, Piaui and Ceara. The installed capacity of Co.'s generating complex is 7,024 MW. The complex is composed of 26 plants; Nine hydroelectric power plants, five thermoelectric and twelve complementary plants: three biomass, six wind and three Small Hydroelectric Power Plants.

Fortum Oyj

Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

Naturgy Energy Group S.A.

Gas Natural SDG is a gas company based in Spain. Co. and its subsidiaries are primarily engaged in the supply, transportation, distribution and commercialization of piped natural gas, as well as the activities involving exploration and developing, supply, regasification, liquefaction and storage of natural gas, and the generation and commercialization of electricity. Co. operates mainly in Spain and also outside of Spain, especially in Latin America, Puerto Rico, Italy, France and Africa (through Maghreb-Europe gas pipeline and integrated LNG projects in Algeria).

VERBUND AG Class A

Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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