The power spot prices climbed further up in northwestern Europe yesterday, lifted by the soaring gas and carbon prices and forecasts of weaker renewable production. The day-ahead prices reached 91.86€/MWh on average in Germany, France, Belgium and the Netherlands, +2.90€/MWh day-on-day.
The EUAs rose above 54€/t in a fourth consecutive bullish session yesterday as the gas prices reached record-high levels and hence lifted the carbon prices. The Dec.21 contract slightly corrected after the morning auction cleared once again with a weak result but quickly reversed and sharply increased over the afternoon, tracking the soaring gas prices driven up by several unplanned maintenances in Norway while some market participants pointed to additional support from heatwave prospects across Europe.
The power prices posted hefty gains along the curve on Wednesday as the market was buoyed by the surging fuels and emissions prices and forecasts of above-average temperatures likely to strengthen the power-for-cooling demand in the upcoming weeks.
Get more analysis and data with our Premium subscription
Ask for a free trial here