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After dropping near 100€/MWh over the weekend due the power demand being significantly curbed by the Easter weekend and particularly sunny conditions, the European power spot prices nearly doubled for today, driven up by a recovered demand, falling French nuclear availability and ongoing wind shortage. The day-ahead prices hence averaged 212.24€/MWh in Germany, France, Belgium and the Netherlands, +89.45€/MWh day-on-day but in line with last week.
The power forward prices are opening lower this morning after four days of closed market, pressured by a noticeable drop in gas prices amid lower Asian prices keeping the European ones competitive enough to ensure comfortable LNG imports.
In the carbon market, the benchmark contract opened slightly up from Thursday’s settlement but is currently easing. In any case, the EUAs are expected to continue hovering around 80€/t with very limited liquidity and a frustrating lack of directional driver.
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