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
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