Over the past two years, power prices surged across Europe. The value of front calendar year power futures doubled while spot prices witnessed increased volatility and extreme levels. The evolution of the supply-side stack and the behavior of demand will keep driving this move. In the UK, structural changes are paving the way for a greener and more secured electricity. As current Co2 prices increase, the supply-side stack is showing around 40 gigawatts (GW) of closed-cycle gas turbine (CCGT) and coal capacity with similar variable costs. The direct…