Daily (29.03.2019): EU Carbon Prices Up by Nearly 2% on Thursday

29/03/2019 10:45 Daily


Oil prices ended close to an equilibrium on Thursday after initially dropping in the wake of a new call from US President Donald Trump for an increase in OPEC’s production in order to bring rising prices down. Brent crude was almost steady at $67.82 a barrel, while WTI futures slipped by 0.2 % to $59.30 a barrel, as losses were capped by constant support from OPEC-led supply cuts and U.S. sanctions on Venezuelan and Iranian exports.

Thursday saw a decline in the UK gas prices, driven by short-term forecasts for slightly milder weather and expected robust LNG supplies. Bearish coal prices also weighed on prices. The contract price for delivery in June 2019 spiked by 2.8% to 34.98 p/therm. Meanwhile, NBP spot was 0.9% down at 37.10 p/therm, as lower Norwegian flows limited a further decrease.


European day-ahead electricity prices lost ground on Thursday, due to a weaker demand caused by rising temperatures ahead of the weekend. Stronger power generation from renewable sources put more pressure on prices. The German spot power price slumped by 5.8% to 39.85 EUR/MWh. In the meantime, the price for the equivalent French contract fell by 2.8% to 39.34 EUR/MWh.


Along the forward curve, power prices posted modest gains on Thursday, influenced by higher carbon prices. The price for the German power contract for delivery in 2020 added 0.3% to close at 47.43 EUR/MWh. The equivalent French contract edged up by 0.4% at 50.62 EUR/MWh.


European carbon prices extended their winning streak into a fourth consecutive day, reaching again the €22 level, lifted by a supportive technical backdrop and a bullish outlook. The price for the 2020-expiry contract increased by 1.9% to 22.58 EUR/tonne.


Britain's largest solar farm poised to begin development in Kent

25/05/2020 10:55:00

Britain’s largest solar farm, capable of generating enough clean electricity to power 91,000 homes, is poised to receive the greenlight from ministers this week.


Russian state holding gives up control of Rosneft after Venezuela exit

25/05/2020 10:51:00

Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela.


Ofgem cuts cost of Hinkley Point C grid link by £60 million

25/05/2020 10:46:00

The move will save UK consumers money on their bills over the 45-year cost period.