The European power spot for today rather sharply increased compared to Friday’s level amid forecasts of weaker wind and solar generation and lower French nuclear availability. The day-ahead prices average 152.25€/MWh in Germany, France, Belgium and the Netherlands, +37.50€/MWh from Friday.
After Thursday’s retreat, the EUAs strongly rebounded on Friday with the Dec.21 benchmark gaining nearly 2€/t and eroding most of the previous days’ losses. The reasons behind the upward move were however uncertain, some participants mentioning the entry into the new quarter while others pointed at the market’s low liquidity and the improved profitability for the coal generators over H2 2022. In any case, the bullish move did not last and the carbon prices fell back at the end of the session, likely due to profit taking ahead of the weekend, and the Dec.21 contract eventually closed at 62.04€/t, +30-cent from Thursday’s settlement but -0.90€/t (-1.4%) week-on-week.
Despite the lower gas prices and late retracement of EUAs, the power prices posted decent gains along the curve over the last session of the week, buoyed by the early gains of emissions.
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