EnergyScan

EUA prices continued to rally

NWE spot baseload power prices were up yesterday, to €110.078/MWh on average for today delivery (compared to €107.720/MW for Monday), supported by expectations of lower wind generation (11074 MW for today in Germany, compared to 13811 MW yesterday) and higher clean fuel costs.

EUA Dec’21 prices maintained their uptrend, rising to a new all-time high of €61.01/t and finally closing at €60.76/t (+2.98% day-on-day), supported by the high level of the CO2 implied switching level in a context of weak auction supply.

Curve power prices were up, mirroring the increase in gas, coal and EUA prices. German Cal 2022 baseload prices closed at €86.51/MWh yesterday, +2.69% compared to the previous session. French Cal 2022 baseload prices were up by 3.01%, closing at €89.62/MWh.

As on clean fuel costs, profit taking by financial participants and technical resistances (€86.87/MWh on German Cal 2022 baseload) could contribute to exert downward pressure today.

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