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The European power spot prices rebounded yesterday, driven up by forecasts of lower wind and solar generation and colder temperatures strengthening the power demand. The day-ahead prices averaged 200.15€/MWh in Germany, the Netherlands, France and Belgium, +25.06€/MWh day-on-day with the largest gains posted by the two latter which rose to respectively 232.40€/MWh and 215.47€/MWh.
After a rather flat morning, the EUAs suddenly rose by 1.25€/t midday, rising alongside the energy complex as some traders started doubting Putin’s promise to begin filling the European gas storage this week. But Gazprom held its word and started injecting gas via the Yamal pipeline, driving the gas prices down in the afternoon which pushed the carbon contracts to give back their early gains. The 50-day moving average support however capped the losses and the EUA Dec.21 managed to close the day at 60.41€/t, -22-cent from Monday.
The power curve prices tracked the late drop of the gas market on Tuesday, although the 50-day moving average seems to have limited the losses for the cal22 contracts as well.
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