The power spot prices were mixed yesterday in northwestern Europe, down in Germany, Belgium and the Netherlands on forecasts of higher renewable production and weaker demand, but slightly up in France. The day-ahead prices averaged 415.78€/MWh in the four countries, -18.64€/MWh day-on-day.
Although volatile, the carbon prices overall traded rangebound yesterday with sideways variations attributed mostly to technical and algo trading rather than fundamental as the market seemed to ignore the spiking gas and power prices. The EUA Dec.22 eventually closed at 80.94€/t, +0.85€/t from Monday.
On the other hand, the power forward prices sky-rocketed on Tuesday tracking the gas priced spiking to new record highs amid soaring supply concerns for the critical winter period and dropping Russian gas flow via Mallnow. The French power contract for February jumped above 1000€/MWh as the country should face a dramatically low nuclear availability during a period market by cold temperatures, which in turned supported the German prices due to France’s higher import demand expected in the coming months.
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