EUAs climbed soared amid positive sentiment induced by the EU Climate Law agreement

The European power spot prices dropped further yesterday as the wind output is expected to continue surging today, although the forecasts of slightly colder temperatures (except in France) may have limited the losses. Prices reached 57.83€/MWh on average in Germany, France, Belgium and the Netherlands, – 5.79€/MWh day-on-day with prices ranging from 45.90€/MWh in Germany to 70.11€/MWh in France.

The carbon prices surged above 46€/t on Wednesday as the agreement finally reached between the EU Parliament, Commission and Council on the European Climate Law and 55% 2030 emissions reduction target spurred some positive sentiment in the carbon market while last-minute compliance buying ahead of the April 30thdeadline continued to provide support to prices.

The soaring emissions and slightly stronger gas prices buoyed the power forward prices which posted moderate gains along the curve.

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