(Montel) Germany’s benchmark front-year power contract reached a 22-month low on Tuesday amid softer gas prices, but further downside potential may be limited.
The Cal 24 was last seen down EUR 1.27 to EUR 111.85/MWh at the EEX, after earlier falling to EUR 111.25/MWh, the lowest level since 13 January 2022.
The contract’s fresh low comes after it hit a previous 22-month low of EUR 111.75/MWh on Monday last week.
Meanwhile, the front month was last seen at EUR 95.61/MWh, down by EUR 0.78 on the day.
“Every time prices go below…