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German front-year power soars to 9.5-year high on CO2, gas


06 Apr 2021 10:02

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06 Apr 2021 10:02

(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…

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