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The European power spot prices edged up yesterday amid forecasts of lower temperatures and wind output, although the increasing French nuclear availability may have limited the gains. Prices climbed back above the clean gas and coal costs which dropped alongside the falling gas and carbon prices to reach 76.90€/MWh on average in Germany, France, Belgium and the Netherlands, +2.72€/MWh day-on-day.
EUAs plunged by a massive 3.27€/t (-5.8%) on Tuesday, driven down the falling gas, oil and equity prices, speculators taking profits from last (and likely the previous) week’s sharp rally of carbon prices and possibly utilities exposed to the UK new ETS taking advantage of the high prices to off-load some of their hedges on the EU ETS ahead of the British first auction schedule today.
Strongly weighed by the dropping gas and carbon prices, the power prices extended heavy losses along the curves.
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