Last week, we observed a decline in gas prices after it was announced that maintenance on a gas processing plant in Norway was completed. Gas contracts for delivery in the upcoming months dropped by over 7 euros. For instance, August became 7.5 euros cheaper, closing at 26 €/MWh. During the week, the power demand in France decreased due to a drop in temperatures. Additionally, Friday was a public holiday in France, a day where overall power demand is much lower. Throughout the week we saw a significant increase in wind generation in both Germany and the Netherlands during the afternoon hours. Especially during the weekend, there was a vast supply of solar and wind energy in these countries. As a result, spot prices were low during the weekend. On Sunday, there were 15 consecutive hours of negative prices in the Netherlands. The average spot price last week was 71.8 €/MWh, approximately 11 euros lower than the previous week. Not only did gas prices fall, but coal also became cheaper. The contract for August decreased by about 20 euros, closing at 84 €/ton. Nonetheless, there is still a significant difference in production costs between gas-fired and coal-fired power plants, with gas-fired plants remaining relatively cheaper. Naturally, power contracts for the coming months also declined. The Dutch baseload contract for August closed nearly 11 euros lower at 78.1 €/MWh, and the contract for September became about 12 euros cheaper, ending the week at 87 €/MWh. CO2 remained stable with minimal fluctuations. The contract for December 2023 closed 0.1 euro lower at 86 €/EUA.
Note: Gas prices are listed in €/MWh (100 €/MWh is equal to 0.97694 €/Nm3, based on a conversion formula/factor 35.17 / 3600 = 0.0097694).
For 2024, gas also became significantly cheaper. The gas contract decreased by 6.3 euros and closed at 48.4 €/MWh. CO2 became 20 cents cheaper and settled at 90.5 €/EUA. The Dutch power contract for 2024 dropped by over 12 euros and closed at 121.4 €/MWh.
The spark spread for 2024 worsened again and was -3.4 €/MWh by the end of the week. The dark spread declined by nearly 6 euros to reach 8 €/MWh.
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Let op: de gasprijzen worden vermeld in €/MWh (100 €/MWh is 0,97694 €/Nm3, gebaseerd op een omrekenformule/factor 35,17 / 3600 = 0,0097694).
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