Power prices in Western Europe have softened in recent weeks, reflecting weaker coal and gas prices after a relatively mild winter. At the same time, front-year prices in the key continental power markets of Germany, France and the Netherlands remain much higher than they were at this time last year.
Older coal-fired power plants, which have an efficiency of around 35%, and older gas-fired plants, which have an efficiency of around 50%, are not currently profitable based on clean dark spreads – the profit margin for...
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