Although strongly easing from the previous day’s peak, the European power spot prices remained at high levels above 200€/MWh yesterday, supported by the nonetheless still high gas prices, the below-average temperatures strengthening the power demand and a wind shortage. The day-ahead prices averaged 203.84€/MWh in Germany, France, Belgium and the Netherlands, -97/64€/MWh day-on-day.
The carbon prices continued to present a strong volatility on Thursday, dropping to the day’s low of 57.75€/t in the first hours of trading amid fading energy prices before rebounding on a technical support as this level seems to have attracted dip buyers, confirming the strong support and buying interest around 58€/t, and the gas market started to recover. After climbing above 60€/t, the EUAs temporarily fell back near 58€/t in the afternoon as the gas prices started to drop again, but quickly gave back the losses, leading the EUA Dec.21 to eventually settle at 60.37€/t, 1.25€/t day-on-day.
The power curve prices tracked closely the variations of the underlying gas prices yesterday, posting heavy losses along the curve, especially on the front, despite a mid-day short-lived recovery.
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