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The forecasts of lower temperatures supported the power spot prices in northwestern Europe yesterday which climbed to 249.81€/MWh on average in Germany, France, Belgium and the Netherlands, +21.06€/MWh day-on-day and +16.63€/MWh from the previous week.
Disregarding the weaker energy complex and the growing concerns over the worryingly soaring new Covid-19 cases, the EUAs pursued their ascend and finally reached 70€/t on Monday to set a new intraday record at 71.21€/t. Late but expected profit taking at the end of the session however brought the Dec.21 benchmark contract back below 70€/t to close at 69.91€/t, +0.55€/t from Friday. The market might take a breather today following the 9-day bullish rally that drove carbon prices up by 18%, although the losses could be limited by the several technical supports around 68.80€/t.
After a bearish morning led by the falling gas prices, the power curve prices managed to rebound mid-day with support from the soaring emissions and eventually posted slight gains from the previous session.
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