The European power spot prices slightly faded yesterday, weighted by forecasts of stronger wind and solar generation despite the clean gas costs surging by nearly 20€/MWh. The day ahead prices hence averaged 149.58€/MWh, -5.60€/MWh day-on-day but still 3.68€/MWh above last week.
The EUA prices started Monday on a bearish tone, driven down by macroeconomic concerns and a subsequent fall in equities. But the retracement was only short-lived and the carbon prices started to sharply rebound midday, buoyed by the soaring gas prices after Gazprom booked lower-than-expected additional transit capacity during the monthly capacity auction. Climbing above its 5 and 20-day moving averages, the EUA Dec.21 eventually settled at 60.68€/t with a 1.20€/t (+2.00%) daily gain.
The spiking gas prices lifted the power curve as well, with most of the monthly contracts rising by at least 10% compared to Friday’s settlement. Gains were more moderate on the front calendar contracts, with the German cal22 rising by 5.88€/MWh (+5.22%) from the previous session, and the Cal23 and beyond contracts even extending slight losses.
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