The COVID-19 crisis is having a great impact in the markets and (as we see it) this includes the price expectations of the energy market in Spain. A couple of weeks ago we were analyzing the situation and although it’s difficult to know how much futures have fallen only because of the Covid-19, we wanted to contribute to the discussion with the attached graph, comparing the price evolution of energy futures with the IBEX-35 price in recent weeks.
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As you can see, CAL-21 (energy futures for year 2021) was at 45.55 €/MWh on February 18 while the IBEX closed above 10,000 points on those days. As the crisis and containment measures intensified, we saw the IBEX fall by almost 40% while futures fell to 38.40 euros/MWh on Monday 23rd of March. It seems that the IBEX index is stabilizing and only time will tell whether futures will behave the same from now on.
