After their strong growth in 2021, energy prices once again increased vigorously in Q1 2022, mainly in connection with the start of the war in Ukraine. The price of oil averaged $100.8 per barrel over the quarter, up 65% year-on-year –with a peak in early March that exceeded $130, a level not seen since 2008. This increase is even more pronounced in euros (+77.5% in Q1), due to the depreciation of the euro against the dollar over the period. Since the beginning of Q2, the price of oil has held steady at over $105 a barrel, fl uctuating mainly in line with geopolitical tensions –the prospect of a European embargo on Russian oil causing it to rise again at the end of May to over $120. Meanwhile, the price of gas on the European market (TTF) averaged €100 per MWh in Q1, or more than 5.5 times its level of a year earlier. After a peak at the beginning of March, it remained signifi cantly above its level from before the war in Ukraine: the heavy dependence of European countries on Russian gas –supplies of which are becoming increasingly uncertain– is helping to keep markets tense. In addition, the rebuilding of inventories after the winter started at a lower level than in the last three years. The price of coal, of which Russia is one of the world’s main exporters, was also 3.5 times higher year-on-year in Q1. Lastly, after a downturn at the beginning of March, the price of carbon dioxide (CO2) on the European Union Emissions Trading System started to rise again, and is now once again around €90 per tonne...