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The European power spot prices continued to rise yesterday, supported by forecasts of weaker wind and solar generation and colder temperatures strengthening the power demand. The day-ahead prices averaged 276.17€/MWh in Germany, France, Belgium and the Netherlands, +26.36€/MWh day-on-day.
The EUAs failed to set a new record for the first time in two weeks yesterday but also to close above 70€/t. The carbon benchmark contract opened with a bearish tone, extending Monday’s profit-taking induced late retreat, but quickly reversed and headed back toward 70€/t with possible support from the colder weather forecasts and the rising gas prices following news of additional US sanctions on a company working on Nord Stream 2’s construction. The upward move was however only temporary and the EUA Dec.21 contract eventually fell back to close at 69.17€/t, -0.74€/t from Monday’s settlement.
Driven up by the firmer gas prices and the midday rise of emissions, the power forward prices posted moderate gains along the curve on Tuesday.
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