Searching for sellers in 2003

High volatility and rising prices in 2003 clearly above fundamental levels signal the need for improved guidelines from legislative institutions andeasily accessible information

On November 24, 2003 the EEX spot market had averaged E29.54/MWh for base ratesand E43.34/MWh for peak rates. On the same day last year, the spot market averagedmore than 31–34% less. Similarly, the forward curve shifted upwards, notjust in the nearby products which, generally, have a higher correlation withspot markets, but also in the annual products. In percentages, the forward curvemoved up around 35%, slightly more than the spot markets. While Cal03 base tradedbetween E23 and 25/MWh