EnergyScan

EUAs rose to new record before correcting alongside British market

The European power spot prices mostly rose yesterday amid forecasts of lower temperatures and weaker wind output, except in France where prices edged down as the rising hydro-generation is expected to offset the bullish effect of the above-mentioned fundamentals. The day-ahead prices averaged 228.85€/MWh in Germany, France, Belgium and the Netherlands, +38.68€/MWh day-on-day.

The EUAs continued to climb towards 80€/t on Wednesday, driven up by strong speculative buying interest with additional support from a firmer energy complex and cold weather forecasts, facing little to no resistance and so far ignoring the recent development and increasing concerns over the Omicron variant. The Dec.21 benchmark contract hit a new intraday at 78.43€/t mid-afternoon before dropping alongside the British carbon market on news of a possible additional UKA supply to come due to the activation of the market’s cost containment mechanism. The Dec.21 eventually closed at 76.81€/t, 1.44€/t from Tuesday’s settlement.

Meanwhile, the power forward prices tracked the rising gas and emissions prices and eventually posted slight daily gains along the curve.

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