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German Forward Power 'still Has A Way To Fall'

机译:德国前向力量“仍有下降的道路”

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German forward power prices have been range-bound since early December as traders closed their books on collapsing energy prices in the second half of 2008 and re-opened trading in a year set for deep recession. On December 1, Cal 09 base power closed at €57.70/MWh. On January 9, year-ahead base closed at €55.95/MWh. The highest close during the period was on December 11, when Cal 09 base closed at €59.75/MWh after a €3/MWh day-on-day rally on the last day to buy options for the contract, further fueled by rising coal and oil prices. The first days of 2009 saw year-ahead power moving on fuel fundamentals. "The market is only just opening its books so movements broadly follow primary fuels such as oil and coal," one trader said. Although industrial players began buying forward power in January, taking advantage of sharp price drops in the latter part of 2008, many traders said they considered German forward power still overpriced. "Coal and oil have declined more steeply than power and considering we are facing a 3% recession in Germany this year, it seems that forward power prices are only being held up by strong front levels because of the cold spell," one trader said.
机译:自12月初以来,德国远期电力价格一直处于区间波动范围内,因为交易员在2008年下半年关闭了有关崩溃的能源价格的书,并在为严重衰退的一年重新开放了交易。 12月1日,Cal 09基础电力收于57.70欧元/兆瓦时。 1月9日,一年前的收盘价为55.95欧元/兆瓦时。该时期的最高收盘价是12月11日,当时Cal 09基地收于59.75欧元/兆瓦时,在最后一天每天上涨3欧元/兆瓦时后,购买了该合同的期权,这进一步受到了煤炭价格上涨的推动。油价。在2009年的头几天,一年前的动力在燃料基础方面不断发展。一位贸易商称:“市场只是开张帐单,因此走势大致上跟随石油和煤炭等主要燃料。”尽管工业企业从1月开始购买远期动力,但利用2008年下半年价格的急剧下跌,许多交易员表示,他们认为德国远期动力价格仍然过高。一位贸易商称:“煤炭和石油的跌幅比电力跌幅更大,考虑到今年我们将面临3%的德国经济衰退,似乎由于寒冷的天气,远期电力价格只能保持在强劲的前线水平。”

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