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The European power spot prices edged down yesterday on forecasts of slightly higher wind output and temperatures. Prices reached 60.91€/MWh on average in Germany, France, Belgium and the Netherlands, -0.69€/MWh dod.
The French power consumption rose by 2.58GW from Friday to 63.26GW on average. The nuclear generation continued to improve at 43.62GW, +1.40GW from Friday. The German wind production dropped to 3.41GW on average (-11.85GW dod) and after slightly strengthening to day should start surging tomorrow and reach 40GW by Thursday.
The carbon prices opened up on Monday, likely lifted by the bullish momentum of Friday’s late rebound, but faded throughout the day amid pressure from the weaker energy complex. The EUA prices however sharply rebounded at the end of the session after hitting the middle Bollinger band (which became a technical support after prices broke above on the previous session) and rose back above 39€/t, driven by a late surge of equities. The EUA Dec.21 contract eventually closed at 39.13€/t with 0.11€/t gains from Friday’s settlement.
Despite weaker underlying gas prices, the power prices posted moderate gains long the curve yesterday.
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