EUAs fell back after a bullish opening

The power spot prices rose in northwestern Europe yesterday amid power demand strengthened by the hot weather, falling wind production and slightly weaker French nuclear generation. The day-ahead prices hence reached 82.54€/MWh on average in Germany, France, Belgium and the Netherlands, +7.36€/MWh day-on-day.

Buoyed by the stronger gas and financial markets, the carbon prices rose by 2.5% toward 54€/t at the market open yesterday before the publication of the German free carbon allocation list with higher-than-expected volumes halted the upward move and drove the prices down throughout the remaining of the day.

The power curve prices tracked the carbon variations on Monday, opening on a sharp bullish tone but giving back most of their early gains as the EUAs retreated and the gas prices slightly waned. The prices nonetheless managed to post hefty gains along the curve.