European prices dropped sharply

Prices dropped sharply yesterday in most European gas markets; only Spain PVB prices posted an increase. Prices were pressured by warmer weather conditions both in Europe and in Asia. Profit taking by financial players provided additional downward pressure. In Asia, JKM spot prices were almost stable yesterday: +0.43% day-on-day, at €91.215/MWh. This echoed the stability in baseload spot power prices on the Japan Electric Power Exchange: €1008/MWh yesterday, below the maximum of €1220/MWh recorded on 11 January. This drop followed the decline in power consumption in Japan due to higher temperatures.