EnergyScan

EUAs and power prices posted slight gains on limited activity

The European power spot prices remained stable yesterday, torn between expectations of slightly stronger demand and higher wind production. The day-ahead prices reached 68.24€/MWh on average in Germany, France, Belgium and the Netherlands, +1.15€/MWh day-on-day.

Buoyed by the oil and gas prices recovery observed throughout the day, the EUA prices edged up on Monday amid very slow activity induced by the bank holiday in the U.K. and the U.S. On the policy side, the European commission announced yesterday that the cross-sectoral correction factor (CSCF) for the  allocation period from 2021 to 2025 has been calculated to be 100%, meaning the EU ETS installations will face no cut in the free allocation levels over the next five years. To compare with, the CSCF amounted to 82% in 2020 which led to a 18% reduction in the member states’ free allocation applications.

Although slowly recovering throughout the first session of the week with support from the carbon market, the power curve prices closed slightly below Friday’s close due to a weak opening likely induced by the warmer weather forecasts.

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