The rebound in clean fuel costs continued to pull curve prices higher

NWE spot baseload power prices were almost stable yesterday, to €89.703/MWh on average for today delivery (compared to €88.545/MWh /MWh for Tuesday), as the impact of higher wind generation (13743 MW in Germany for today, compared to 7307 MW yesterday) was offset by rising fuel costs.

EUA Dec’21 prices continued their rebound, closing at €56.64/t (+2.35% day-on-day), as the strong increase in the CO2 implied switching level lent them support.

Curve power prices were up, mirroring once again the rise in gas, coal and EUA prices. German Cal 2022 baseload prices closed at €83.05/MWh yesterday, +2.53% compared to the previous session. French Cal 2022 baseload prices were up by 2.51%, closing at €85.23/MWh.

Like clean fuel costs, curve prices could tempt to continue to increase today. However, technical resistances (€83.31/MWh on German Cal 2022 baseload) could here also limit the upside potential.