German Cal 13 continues to decline

摘要

German year-ahead power prices fell to a two-year low early November as mild, windy weather combined and coal and carbon remained low. German Cal 13 base closed November 5 at €46.70/MWh, its lowest close since November 2010, Platts data shows. The contract recovered to €47/MWh November 9 as coal prices ticked up and the euro fell against the dollar. On the near curve, December base had a volatile start to the month amid uncertainty in the long range weather outlook, but at around €45/MWh the contract is down 20% year-on-year, not least because of additions of 10 GW in renewables. On the prompt, day-ahead rose to its highest level since the cold spell in February as the peak contract hit €70.50/ MWh October 29 amid an early cold, calm, dull spell.