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The European power spot prices retreated yesterday, pressured by forecasts of surging wind output and higher solar and hydro generation. The day-ahead prices averaged 196.07€/MWh in Germany, France, Belgium and the Netherlands, -40.02€/MWh day-on-day.
After a bearish morning that drove them as low as 79.00€/t, the EUAs sharply rebounded on Tuesday afternoon with surprisingly high exchanged volumes, although market participants seemed uncertain about what triggered such heavy buying amid a rather muted energy complex. The EUA Dec.22 eventually closed at 82.67€/t, +2.09€/t from Monday’s settlement.
Marked by a lack of significant changes in fundamentals, the power forward market was particularly calm yesterday, posting minor losses along the curve despite the slightly firmer gas prices.
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