Despite the expectations of warmer temperatures, the European power spot prices strongly rebounded yesterday on forecasts of dropping wind output. Prices reached 55.03€/MWh on average in Germany, France, Belgium and the Netherlands, +14.04€/MWh day-on-day.
After a bearish morning, the EUA prices rebounded on their middle Bollinger band and eroded all their early losses in the afternoon with support from the bullish wider financial markets, defying the weaker energy complex to eventually settle nearly flat from Friday.
Driven down by weaker underlying gas prices and the early losses of the emissions market, the power prices posted moderate losses along the curve yesterday, despite a partial recovery midday.
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