April 16, 2013 / 10:57 AM / 7 years ago

German wholesale power at new low after carbon vote

FRANKFURT, April 16 (Reuters) - German Year-Ahead baseload power hit its lowest level since 2005 on Tuesday after the European Parliament rejected a draft law to boost the carbon emission rights trading mechanism, lowering the cost of an important power price element.

The Cal ‘14 baseload position on the EEX bourse hit 39.60 euros ($5,200) a megawatt hour, down 12.5 euros from the Monday settlement and the lowest a year-ahead contract traded at since May 31, 2005 shortly after the news.

Power producers who sell forward their power for years in advance have to cover their output with certificates securing them the right to emit CO2 in the process. ($1 = 0.7643 euros) (Reporting by Vera Eckert and Henning Gloystein; editing by Keiron Henderson)

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