German baseload year-ahead prices hit a new 12-year high

Strong gas, coal and EUA prices pushed European power curve prices further north on Thursday. Continued tightness in gas and coal supply as well as low inventories(only 30% fulness rate for EU gas stocks and ARA coal stocks down 40% yoy to4.3 mt) kept the fuel complex on a bullish trend. In the meantime, EUA Dec 21 prices hit a new all-time intraday high at €50.48/t. As a consequence, the benchmark German baseload year-ahead contract jumped €1.49/MWh day-on-day to €62.27/MWh at the close, which is its highest level since late 2008, a year when Brent prices hit their all-time high at $146/band EUA prices experienced their first historical peak just below the €30/t mark.

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