Futures market

• The lead contract Phelix DE Cal-26 showed an overall sideways market movement today. After an early setback to a daily low of 85.60 EUR/MWh, the price recovered to the opening level of around 86.40 EUR/MWh. The lower technical limit currently remains at around 83.50 EUR/MWh. A moderate upward movement began in the afternoon, driven primarily by a firmer gas market, which gave the electricity contract additional momentum. Overall, the market environment remains calm, with rather low trading volumes and a limited directional trend.

Fuels and CO2

• The gas market continues to search for a clear direction. While the front month is trading at around EUR 31.60/MWh on Tuesday, the front year product is picking up noticeably and exceeded the EUR 31/MWh mark in the afternoon. Traders speak of a wait-and-see market environment in which mild temperatures and a good supply situation are currently having a dampening effect. Looking ahead to the coming weeks, the question remains as to how the market will react as soon as colder temperatures set in. A lack of wind could also provide support on the demand side this autumn and winter - a factor that many market participants are keeping an eye on.

• The CO₂ price was weak today and slipped significantly below the opening price. After hitting a low of 76.80 EUR/t, the price hovered sideways between 76.80 EUR/t and 77.10 EUR/t for most of the day. The main pressure on the market came from a gloomy economic outlook, which dampened demand expectations for emission certificates. On the other hand, low feed-in from renewable energies is having a slight price-supporting effect, as this tends to increase the demand for fossil-fuelled electricity generation and thus for CO₂ certificates. Despite the setback, the market remains in a sideways consolidation from a technical perspective, after the psychologically important EUR 80/t mark was tested several times in recent weeks but not sustainably overcome.

Spot market and general information

• The spot market is once again exceptionally strong: the day-ahead baseload price for tomorrow's delivery day is EUR 145.72/MWh in Germany and even EUR 157.54/MWh in Austria. This means that the price level has reached another high. The main reason for this is the windless autumn weather, which severely limits feed-in from renewable sources. Despite normal temperatures and average consumption, supply is barely able to meet demand, which is driving prices up. The price peaks in the morning and evening hours are particularly noticeable, with prices reaching over EUR 350/MWh in Germany and up to EUR 375/MWh in Austria.