The power spot prices faded in Northwestern Europe yesterday, pressured by forecasts of rising wind and solar generation and improved French nuclear availability. The day-ahead prices averaged 169.84€/MWh in Germany, France, Belgium, and the Netherlands, -29.47€/MWh day-on-day.
The EUAs posted slight gains on Tuesdays in a continuously illiquid market as most participants are adopting a wait-and-see approach, waiting for further development in the gas market (NS2) or in the policy environment. The Dec.21 benchmark contract tested its 60€/t strong resistance and climbed as high as 60.20€/t midday with support from early gains in the gas market. The contract however failed to close above that level and waned back in the afternoon as the energy complex retreated to eventually settle just below its 50-day moving average at 59.81€/t, still +82-cent from Monday’s close.
The power curve observed mixed but limited variations yesterday, tracking the early rise of gas prices and their following retracement.
EUA Dec.21 prices technical analysis
Source : Refinitiv
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