German clean-dark spreads have jumped in the past week, on a combination of lower fuel and carbon costs. However, the increase may not translate to strong margins at power plants due to the high cost of transporting coal. The average day-ahead clean-dark spread jumped to EUR16.93/MWh for the week ending 23 November compared with EUR5.61/MWh two weeks ago. Last week, the Cal 19 clean- dark margin rose to EUR8.66/MWh, the highest level in three years, according to traders. The Cal 19 clean-dark spread in early November was EUR6.00/MWh.
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