German baseload year-ahead prices hit a new 12-year high
- Power
- May 7, 2021
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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