Power curve prices reached new record despite the retreating EUAs

The power spot prices surge near 170€/t yesterday in northwestern Europe, with some baseload contracts reaching levels not seen since 2006/2007 as forecasts of dropping solar generation offset the expectations of increased wind production while the spiking gas prices provided additional support. The day-ahead prices hence averaged 167.84€/MWh in Germany, France, Belgium and the Netherlands, +21.94€/MWh day-on-day and +43.12€/MWh week-on-week.

The EUA prices fell back below 60€/t for the first time since Sept.2nd yesterday in a retreat mainly attributed to profit-taking and marking a further decorrelation with the bullish gas market as some participants stated their doubt that the carbon prices could follow it much higher. The middle Bollinger however limited the losses and the EUA Dec.21 contract eventually settled at 59.85€/t, -1.22€/t (-2.0%) day-on-day.

The retreating carbon prices did not prevent the power curve prices from tracking the spiking gas equivalent contracts, with the German front calendar price again breaking above 100€/MWh while nearer on the curve the power contracts posted massive gains.

EnergyScan - Power market news
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