The Dutch electricity price (baseload, monthly contract) followed the volatility of the TTF market due to the rocket fire between Israel and Iran. Even greater volatility occurred in the day-ahead market, partly due to the heat wave in northwestern Europe. Supply of electricity on July 2 at 9 p.m. traded for over EUR 517/MWh, while the afternoon hours of that day saw prices of EUR 50/MWh.
The EU ETS price has been moving within a range of about EUR 70/ton to EUR 75/ton for two months. Wednesday's July 9 deadline for negotiations on an EU-U.S. trade deal may provide macroeconomic direction for the ETS market, with European industry under pressure. In recent weeks, Dutch industry has seen the House of Representatives pass a motion calling for the abolition of the national carbon tax. However, the implementation of that motion remains uncertain.
