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The European power spot prices pursued their ascend yesterday, driven further up by the soaring gas prices despite forecasts of slightly weaker power demand. The day-ahead prices averaged 272.10€/MWh in Germany, France, Belgium and the Netherlands, +39.33€/MWh day-on-day.
The EUAs plunged by 3.7% on Thursday as the surging gas markets forced traders to sell allowances in order to raise cash to cover their positions while the plummeting equities provided additional pressure by materializing fears of recession and resulting drop of demand. The EUA Dec.22 closed the day at 83.00€/t, -3.20€/t from Wednesday’s settlement.
The spiking gas prices also triggered massive gains on the European power curve, with the German and French Dec.22 contracts rising to respectively 338.64€/MWh (+28.29€/MWh dod) and 668.01€/MWh (+64.00e/MWh).
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