Bullish sentiment, fed by yet more promising vaccine results, proceeded to lend support to European power contracts last week. EUAs, now fast approaching the 14-year highs witnessed in September, bolstered further support to the European power market.
An extended cold snap across Northwest Europe, now forecast for the entirety of next month, lent considerable support to European gas pricing last week. Poor wind generation across the U.K. and Germany exacerbated the uptick in demand.
Carbon EUAs extended recent gains last week; posting a fourth consecutive weekly jump on looming supply tightness. The protracted process of setting the EU’s emission-reduction benchmark has forced the EU commission to delay the distribution of free carbon allowance until at least Q2 2021.
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