Last week was characterised by very moderate price fluctuations in the Nordic energy market. Overall, the week ended largely at the same price level as it started, both with regard to the short-term and long-term contracts. Following a strong start, the allowance market fell towards the end of the week, and the market also received some mixed signals from the weather forecasts. On Monday, the Q3-19 contract closed at EUR 41.90/MWh, exactly the same price as the previous week, while the YR-20 contract has fallen slightly, dropping by EUR 0.45/MWh and ending at a closing price of EUR 36.50/MWh on Monday.
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The European carbon emission market has made a new big price jump, and we could see the price on a CO2 quota break above 30 EUR/t in the near future.
We experienced a clear change to the Nordic weather forecasts last week, and the rest of July now looks set to be very dry. This has caused Nordic energy prices to climb, especially in the short-term forward market.