European Power and Carbon: EUA, Day-Ahead Prices — 2026-09-02
EU carbon prices (EUA) eased to approximately €82.48/t on August 29 after hitting a six-month high, while European wholesale power prices recorded a third consecutive weekly decline. In France, day-ahead markets exhibited extreme volatility on August 30, swinging from negative prices at midday to a peak of €194/MWh in the evening. Meanwhile, Poland's PGE reported strong preliminary Q2 results, and German media highlighted potential coal reserve reactivation to curb 2027 price spikes.
European Power and Carbon: EUA, Day-Ahead Prices — 2026-09-02
Top developments
EUA Prices Pull Back from Six-Month Highs
The EU ETS carbon price settled at approximately €82.48 per tonne of CO2 on August 29, 2026, marking a slight easing from recent highs. Epignosis Insights reported that this level follows a six-month peak, suggesting some profit-taking or market stabilization ahead of the autumn trading season. This price action is critical for industrial buyers and utilities hedging for Q4 compliance.
European Wholesale Power Prices Fall for Third Week
European electricity wholesale prices declined for the third consecutive week, according to the latest Europe Electricity Wholesale Price Tracker by Epignosis Insights. This downward trend indicates easing pressure from earlier heatwaves and supply constraints, providing relief to utilities and industrial consumers. The tracker highlights updated signals for the EU power market as summer demand wanes.
French Day-Ahead Market Swings from Negative to €194/MWh
On Sunday, August 30, 2026, French day-ahead electricity prices displayed extreme intraday volatility, dropping to -€1.01/MWh at 13:00 before surging to €194/MWh at 20:00. This swing reflects the "duck curve" effect, with high midday solar generation depressing prices and evening demand peaks driving costs up. Such volatility underscores the challenge for grid balancing and the value of storage assets in the French market.
Germany Considers Reactivating Coal Reserves to Lower 2027 Prices
German authorities are reportedly considering returning nearly 8 GW of hard coal power plants from reserve status to active operation. GLOBENERGIA analysis suggests this move could reduce wholesale energy prices in 2027 by approximately 5%, and potentially over 9% in certain winter months. However, this short-term price relief would come at the cost of increased coal consumption and higher CO2 emissions, impacting the EU ETS demand balance.
PGE Reports Strong Preliminary Q2 2026 Results
Polish state-owned utility PGE disclosed preliminary financial results for the second quarter of 2026, indicating profits likely exceeded PLN 2 billion. The company cited strong average wholesale prices and operational performance as key drivers. Investors reacted nervously to the pre-announcement, reflecting sensitivity to regulatory risks and market volatility in the Polish power sector.
Local view
Germany: The German consumer-focused platform energiemarie.de reported that the spot electricity price dropped to €0.2883/kWh on August 30, representing a 4.2% decrease compared to the previous day. They advised consumers to utilize the cheapest hours around noon, highlighting the growing importance of dynamic tariffs for household savings.
France: Selectra.info provided a detailed hour-by-hour breakdown of the August 30 volatility, emphasizing the stark contrast between the negative midday trough and the evening peak. This local coverage helps French consumers understand the mechanics of their day-ahead contracts and the impact of renewable integration on their bills.
Poland: Polish business outlet Business Insider Polska focused on PGE’s earnings beat, noting that the early disclosure of strong profits has put pressure on investors to reassess valuation models amidst ongoing energy transition investments.
Context & numbers
- EUA Price: ~€82.48/t (August 29, 2026)
- French Day-Ahead Range (Aug 30): -€1.01/MWh to €194/MWh
- German Spot Price (Aug 30): €0.2883/kWh (-4.2% DoD)
- Potential German Coal Impact: ~5% reduction in 2027 wholesale prices if 8 GW reserves are reactivated
On the radar
- Coal Reserve Decision: Watch for official confirmation or rejection of Germany's plan to reactivate hard coal reserves, which would directly impact EUA demand forecasts.
- Winter Contracts: Following the recent weekly price declines, monitor how winter baseload contracts adjust, particularly given the earlier warnings about gas and hydro shortfalls raising premiums.
- PGE Final Report: Investors await PGE's full Q2 report in two weeks to confirm the preliminary profit figures and assess dividend implications.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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