Inflation gripped the European power curve in week 36 to September 7, lifting prices across Europe to year-highs on the back of rising carbon, coal and gas prices. Nagging fears of reduced low-carbon generation into the winter were encouraged by newsflow focused on nuclear outages, still-poorly Nordic reservoir levels and behind-schedule gas storage restocking. UK Cal 19 baseload power hit its highest levels since 2014 at £64.09/ MWh September 6, while the quarter-ahead and season-ahead baseload contracts reached their highest levels in 10 years. S trongly rising gas prices saw UK clean spark spreads fall below clean dark spreads, increasing the prospect for gas-to-coal switching this winter.
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