Driven up by forecasts of much weaker wind output, lower French and Belgian nuclear availability and higher power demand, the power spot prices for today rose in northwestern Europe compared to Friday, with the German prices getting back near its neighbors’ after a week being mostly uncoupled. The baseload day-ahead prices hence averaged 188.46€/MWh in Germany, France, Belgium and the Netherlands, +40.06€/MWh from Friday.
EUAs went back and forth on Friday, rising by 2€/t and above 60€/t in the morning for the first time of the week with support from stronger gas prices and a bullish German auction result (33-cent premium over secondary market and above-average 1.93 cover ratio), steadying midday amid retreating gas prices and finally eroding most of their early gains at the end of the session as traders took their profits from the 3-day rise ahead of the weekend. The EUA Dec.21 closed at 58.27€/t, +29-cent from Thursday’s settlement but -1.17€/t (-2%) week-on-week.
The European power prices tracked the bullish emissions and early rise of gas prices and posted gains along the curve despite a late retreat, with possible additional support from a lower-than-expected nuclear availability announced for the upcoming weeks.
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