The NW European power spot prices rebounded yesterday amid forecasts of easing wind output and colder temperatures. If the French prices received a stronger support from the colder weather due the country’s higher power-for-heating demand, prices in Germany only edged up as the significant solar generation expected in the country today limited the gains. Prices reached 48.30€/MWh on average in France, Germany; Belgium and the Netherlands, +14.97€/MWh day-on-day with day ahead contracts ranging from 31.81€/MWh in Germany to 62.48€/MWh in France.
Extending their bullish rally from the previous sessions, the EUA Dec.21 benchmark contract finally hit the psychological 50€/t level on Tuesday morning, climbing up to 50.05€/t before quickly retreating and fading throughout the remaining of the day as speculators took their profits, with additional pressure at the end of the session from the dropping equities and easing gas prices.
Weighed by the retreating gas and emissions prices and technical pressure from the overbought conditions of most contracts, the power prices posted moderate gains along the curve yesterday.
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