October 19, 2017 / 7:33 AM / a year ago

German year-ahead power at more than 3-year high with carbon

FRANKFURT, Oct 19 (Reuters) - German year-ahead electricity prices hit their highest levels in three years and nine months on Thursday as the European wholesale market benchmark rose 18 cents to 37 euros ($43.71) per megawatt hour (MWh) buoyed by rises in emissions rights allowances.

Cal ‘18 baseload power, a rolling year ahead contract traded on the power bourse EEX, was at its highest since February 6, 2014.

The broker-quoted power contract for the designated 2018 year, which started trading in 2015, hit a record 36.95 euros/MWh, Thomson Reuters data showed.

December-expiry EU carbon permits, which thermal power generators must hold to cover their output, were up 1.8 percent at 7.97 euros per tonne.

EU lawmakers and member states agreed on Wednesday on a measure to guard CO2 allowances in case of a breakdown in Brexit talks, preventing a mass sell-off of permits.

Power curve contracts also took strength from recent rallies in the French market on nuclear tightness, stable oil and firm UK gas curve prices, traders said.

$1 = 0.8465 euros Reporting by Vera Eckert; editing by Jason Neely

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