What's Your Forecast for EU Carbon Prices This Winter?

It's hard to see gas prices falling to a level before the end of this winter, at least, where almost any carbon price would incentivize gas to run ahead of cost. The power sector accounts for about 50% of all emissions in the EU ETS. Power emissions will be very, very high, much higher than last year because of the coal running and flat out. And one thing we haven't mentioned actually date has been the very poor availability of France's nuclear generation fleet over the course of this year even predating the summer.