EMISSIONS: EU Mid-Day Carbon/Power Summary: Carbon Rises, UK Power Fall
May-01 11:25
EUAs/UKAs Dec25 are rising, influenced by EU gas intraday movement, with the intraday correlation between carbon and gas remaining high. UK June power base load is trending lower with losses in gas prices weighed against higher UKAs and a sharp downward revision in UK wind output next week.
- EUA DEC 25 up 0.93% at 67.17 EUR/t CO2e
- UKA DEC 25 up 1.59% at 47.96 GBP/t CO2e
- TTF Gas JUN 25 down 1.5% at 31.84 EUR/MWh
- NBP Gas JUN 25 down 1.9% at 76.46 GBp/therm
- Estoxx 50 down 0.3% at 5107
- FTSE 100 JUN 25 up 0.4% at 8494
- The intraday correlation between EUAs/TTF hit the height at 0.77 near noon
- The intraday correlation between EUAs/UKAs hit the height at 0.65.
- The EBRD will provide financing for the studies of the 3GW GREGY subsea power link between Greece and Egypt.
- Drax hedged 21.1TWh of forward power sales at an average achieved price of £93.6/MWh for its generation between 2025 and 2027 as of 29 April.
- Spain’s deputy prime minister Yolanda Diaz urged the state to take control of Spain’s grid operator, Red Electrica, following the power blackout on Monday.
- CRU forecasted EUAs to rise in May amid falling wind generation and gas-to-coal switching, while Carbon Pulse said that analysts had cut expectation due to bearish fundamentals, they said.
- A coalition of more than 50 signatories has called on the EU and UK to initiate talks on linking their ETS ahead of EU-UK Summit on 19 May, according to the joint letter.
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