(Montel) German front-year power, the European benchmark, hit a 9.5-year high on Tuesday, driven by higher carbon and gas prices – which hit a multi-month high – amid a cool weather outlook.
The Cal 22 rose as high as EUR 57.80/MW earlier, the highest price since September 2011 for a front-year contract on a rolling basis, data from the EEX showed. It last traded at EUR 57.70/MWh, up EUR 0.85.
“Power is driven by carbon once more. which is still above EUR 43/t,” a German trader said, noting the EUA auction earlier on Tuesday turned out above EUR 43/t…
