The European power spot prices faded yesterday amid forecasts of weaker power demand and stronger wind output, albeit expectations of lower solar generation and French nuclear availability might have limited the losses. The day-ahead prices reached 90.24€/MWh on average in Germany, France, Belgium and the Netherlands, -8.04€/MWh day-on-day.
Driven down by the bullish moment of the previous session and weaknesses in the fuels, oil and financial markets, the EUA prices dropped as low as 50.87€/t on Thursday morning. The downward move was however short-lived and the carbon prices recovered over the remainder of the day, buoyed by a similar rebound in gas and oil prices, to eventually settle at 52.35€/t, still -0.27€/t from the day prior’s close.
The power futures prices tracked the recovery of the gas and carbon markets but similarly did not manage to erode their early losses and closed with hefty daily losses along the curve, with the short-term contracts posting the largest drop.
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