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As expected, the European power spot prices faded yesterday amid forecasts of significant wind and solar output, although the way-above average temperatures maintained a strong power for cooling demand and hence limited the downside potential. The day-ahead prices reached 79.40€/MWh in Germany, France, Belgium and the Netherlands, -7.43€/MWh day-on-day.
After a bearish opening, the carbon prices observed a rather sharp gas-driven rebound on Wednesday and climbed up to 52.52€/t before the UK third carbon allowance auction clearing well below the British futures strongly pressured the market, pushing the EUA bellwether contract to give back most of its early gains.
Despite observing the same late retreat as in the gas and emissions markets, the power prices managed to post gains along the curve yesterday.
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