The power spot prices rose yesterday in northwestern Europe, buoyed by forecasts of weaker wind output and stronger consumption, although improved French nuclear availability expected today might have limited the gains. Much more coupled than last week, the day-ahead prices averaged 156.00€/MWh in Germany, France, Belgium and the Netherlands, +14.06€/MWh da-on-day.
The EUAs extended their bullish run initiated Friday and quickly hit a fresh all-time high yesterday morning, driven up by the surging fuels prices amid supply concerns for this winter and early gains in the equity market. Although trading rangebound from mid-morning, the EUA Dec.21 contract temporarily climbed above 65€/t in the afternoon to reach a new intraday all-time high of 65.06€/t, before slightly fading and eventually settling at a record 64.37€/t, +1.43€/t from Friday’s close. Yesterday’s new record has however already been exceeded this morning as news of lower-than-expected gas supply through Mallnow is pushing the gas prices to new highs.
The power curve prices once again tracked the surging carbon and gas prices and extended massive gains along the curve on Monday, with the largest observed in the short-to-mid term contracts.
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