EUAs rebounded alongside the wider markets

The European power spot prices for today are slightly up compared to Friday, lifted by expectations of weaker wind output and French nuclear availability, although the forecasts of stronger solar generation are likely to have limited the gains. The day-ahead prices hence climbed to 93.43€/MWh on average in Germany, France, Belgium and the Netherlands, +3.19€/MWh from Friday.

The carbon prices climbed by 1.91€/t (+3.6%) to 54.26€/t on Friday in a rebound mostly attributed to a rather sharp recovery of gas, coal, oil and equities, to dip-buyers attracted by the low prices and bullish signal from the morning German EUA auction which cleared with a massive 0.39€/t premium to the secondary market. A high volatility is expected in the carbon market in the coming days, spurred by the imminent publication of the long-awaited European Commission’s “Fit for 55” legislative package.

The power prices posted massive gains along the curve over the last session of the week, tracking the soaring gas and emissions prices with the largest upward move observed in the short-term contracts.