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European Power & Utilities Report – Q3 2014

European Power & Utilities Report – Q3 2014

EU leaders agreed on 23 October 2014 the main building blocks of the 2030 policy framework for climate and energy.


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  • Electricity baseload prices in Central Europe have strongly recovered in Q3 from their low summer values of around 20€/MWhto ~40€/MWh.
  • Prices in the UK have also increased in Q3 but at a slower pace
  • Baseloadprices in Spain have dramatically recovered to reach ~60€/MWh
  • Oil prices have started a significant downward trend at the end of Q3
  • Gas border prices in Europe have decreased to values around 9 USD/MMBTU, still well above Henry Hub levels (4 USD/MMBTU).
  • Coal prices continue their slow decline trend and have reached ~70 USD/t
  • As a result, gas-based generation margins (spark spreads) are recovering slowly to slightly positive values, while coal-based margins (dark spreads) are also improving across Europe.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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