Power and emissions markets extended losses amid muted activity

The European power spot prices remained impressively stable yesterday as forecasts of slightly higher French nuclear availability and German wind output offset the stronger demand for electricity expected in the upcoming hours. The day-ahead prices averaged 218.16€/MWh in Germany, France, Belgium and the Netherlands, -0.23€/MWh day-on-day.

The power forward and carbon prices both ended the day lower on Monday amid muted activity due to the U.K. bank holiday. The former posted losses along the curve tracking the bearish market as participants waited for development over the ruble gas payment turmoil and the EU guidance to face the situation. The carbon prices observed a timid retracement with the already low liquidity reduced further by the British market break, only 10.89mt changing hands on the ICE through the Dec.22 contract, far below the year-to-date average of 25.96mt. The EUA Dec.22 closed at 83.04€/t, -1.41€/t from Friday’s settlement. 

Activity should however resume today after the prolonged weekend, with the gas market expected to remain the prevailing driver of the energy complex.

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