The front-year contract for German power rose to a fresh six-year high of EUR 50.15/MWh on Monday, buoyed by a rampant CO2 market and firmer coal prices.

Baseload for 2019 last traded at EUR 50.10/MWh, up EUR 1.08 over Friday’s close on the EEX and the highest level for a front year since August 2012.

“Bearing in mind that CO2 continues to go through the roof and coal is firm, too, [that the contract hit] EUR 50 is not really a big surprise,” said an Austrian trader.

The Dec 18 EUA contract soared to a fresh 10-year high of EUR 21.62/t on Monday, albeit amid thin liquidity due the bank holiday in the UK. The contract has gained more than EUR 3 – or 20% – over the past week.

European coal also firmed, with the front year API2 contract hitting USD 91.10/t, up USD 0.82 day on day, on Ice Futures. Traders also highlighted strong gas prices, which they attributed to maintenance outages and demand to refill depleted storage, according to Montel News.

However, EUR 50/MWh for power was a strong resistance level, traders agreed.

“I think we will fight over the EUR 50 [mark] for a few days. But if we actually sustain this level, I don’t see why it wouldn’t go higher,” said a German trader.

Further in, German power for September rose EUR 1.52 on the EEX to EUR 58/MWh, further extending a seven-year high based on a rolling front-month basis. October and November contracts also traded higher.