Diverging from the neighboring countries, the German power spot prices dropped by 51.16€/MWh to 116.65€/MWh yesterday, pressured by forecast of stronger wind and solar output. Conversely, the day-ahead prices in France, Belgium and the Netherlands were supported by the higher fuels and carbon prices combined with expectations of lower French nuclear availability and rose by 8.39€/MWh to average 204.58€/MWh.
The EUAs rose by a hefty 4% and above 60€/t yesterday, buoyed by the soaring gas prices and a strong buying interest likely boosted by the sharply increasing equities. The carbon prices jumped by 1€/t in the first fours of trading, lifted by a strong opening of the gas market, but the upward move quickly stopped and the EUA hovered around the 60€/t resistance. A late surge of gas prices combined with the strong bullish tone of the European and US equities however drove the EUAs up by 1.80€/t at the end of the session and the Dec.21 benchmark contract eventually closed at 61.44€/t, +2.37€/t day-on-day (+4%).
The bullish gas and emissions market supported the power prices on Thursday which posted hefty gains along the curve.
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