EUA plunged below 50€/t amid profit taking and falling wider markets

The European power spot prices fell yesterday amid pressure from forecasts of strong renewable production and a drop in clean gas and coal costs as a consequence of the plunging gas and carbon markets. Prices reached 69.02€/MWh on average in Germany, France, Belgium and the Netherlands, -7.88€/MWh day-on-day.

EUAs plunged by 6.4% and below 50€/t with a massive 80.8 million Dec.21 contracts being exchanged yesterday as strong profit taking, possibly triggered by the first U.K. auction, and the falling gas, oil and equity markets drove the prices further down to a two-week low. Meanwhile, the British ETS first sale cleared as expected slightly above the EUA prices at 43.99£/t (51.00€/t) although the related futures dropped alongside the European Union carbon prices for their first day of trading.

Tracking the sharp fall of gas and emissions, the power prices extended massive losses yesterday, most contracts eroding between 4 and 5€/MWh.

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