EUA broke above 63€/t on surging gas and wind shortage

The power spot prices remained steady and near the clean gas costs in northwestern Europe yesterday amid forecasts of mostly unchanged renewable production and improved French nuclear availability offsetting the impact of the stronger power demand expected today. The day-ahead prices hence reached 127.68€/MWh on average in Germany, France, Belgium and the Netherlands, only 44-cent below the previous day’s level but +17.61e/MWh week-on-week.

The carbon prices hit yet another new record at 63.19€/t yesterday with a sharp gas-led increase in the morning and probably some additional support from the wind shortage observed across northwestern Europe strengthening the call for the thermal power plants. A temporary correction of gas prices induced by another news related to Nord Stream 2 and possibly some profit taking however drove the EUA Dec.21 back below 63€/t in the afternoon, the benchmark contract eventually settling at 62.31€/t with a nonetheless 99-cent (+1.6%) daily increase.

The power curve prices similarly reached new all-time highs as they tracked the spurring gas and carbon prices, with the largest gains posted by the short-term contracts due to the higher increase of the underlying gas prices.

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