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This newsletter was published 16.12.2020 at 19:32pm CEST.
The current prices on the European carbon market are as follows:
EUA prices reached all time highs. The optimism on the markets continues and prices keep making higher highs almost every day. The final Phase 3 EUA auction took place this Monday. Auctions coming up in 2021 will release supply of Phase 4 EUAs to the market for the first time. These allowances can only be used for compliance purposes from April 2022 on. However, it will still be possible to trade the currently valid Phase 3 allowances, that have to be submitted April 2021, on the secondary market. ICE and EEX will quote those instruments side by side until April 2021. After that period only Phase 4 allowances will remain listed on the exchanges. All Phase 3 EUA holders need not to worry though, as those EUAs could still be used for compliance purposes at least until 2030. UK has announced that it will start their own ETS starting next year due to Brexit. Not a lot of details on the matter are known yet and news did not have a significant impact on EUA prices. Outlook for EUA prices in the future is still positive and now that we have cleared many times tested 30-31 EUR/EUA area, the move might even start to accelerate as there are no technical resistances above.
German power prices are up 2.25 EUR/MWh since last week, with the front year contract trading at 45.65 EUR/MWh. API2 coal prices are up by 3.20 USD since last week, with the Cal21 contract trading at 66.90 USD/tonne. EUR/USD is up by 100 points since last week and is currently trading at 1.2180.
Price development of EUA Dec2020 futures contract