As expected, the power spot prices dropped in north western Europe yesterday as the wind output is forecasted to surge today. Prices reached 33.33€/MWh on average in Germany, France, Belgium and the Netherlands, -30.87€/MWh day-on-day.
The EUA prices continued to climb towards 50€/t over the first session of the week, lifted by further speculative buying amid low traded volume due to the public holiday in several European countries, with additional support from the bullish gas market. On the policy side, the European Commission postponed its “Fit for 55” legislative package including the revision of the EU ETS to July 14th.
As seen over the previous sessions, the soaring gas and carbon prices further buoyed the power prices which extended strong gains along the curve, with the largest observed on the front months contracts.
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