EUAs hit a fresh record high after reversing from a bearish morning

The NWEuropean power spot prices edged up yesterday amid forecasts of weaker renewable production for today, although the mostly warmer temperatures may have limited the gains. Prices reached 63.55€/MWh on average in Germany, France, Belgium and the Netherlands, +2.38€/MWh day-on-day.

The carbon prices sharply rebounded from a profit-taking bearish morning yesterday as the market was buoyed by the surging gas prices which pushed the bellwether contract to a new record close to 48€/t at the end of the session.

The soaring gas prices and carbon late rebound strongly supported the power curve prices on Tuesday, with the largest gains seen on the front of the curve due to the sharper increase of the underlying gas contracts.