CS Energy Power March 2014

No rapid transformation on the power exchange

Electricity is costing the consumer more and more, but power prices on the exchange
have been under pressure for three years now. This has happened because of a sharp fall in coal prices, lower carbon prices and the expansion of renewable energy. We expect the slide to end soon, as carbon prices in emission trading are starting to rise, and growth of renewable energy is loosing some of its pace. No strong rally seems
likely though in the near term, given that coal remains cheap for some time, and its prices will probably only recover gradually in view of ample supplies./p>
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