Germany plans to phase out all coal-fired power before 2038. For European power prices, a German coal phase-out is clearly bullish, with an average price increase across all directly interconnected markets of €0.2/MWh for the 2019 to 2022 period and €2.2/MWh for the period 2023 to 2030.

The volume of green bonds might appear insignificant when compared with the $6 trillion that we should be investing each year just to climate-proof our infrastructure. Investors will look for a size that is big enough to guarantee liquidity and index inclusion. This usually translates to around $300 million – a number that is simply too big for many companies.

That's the findings from the RWI Institute. The phasing out of coal could raise the wholesale price of electricity on the exchange by around 20%. Germans are already paying the highest prices for electricity in Europe. Retail electricity will be more expensive, because the expansion of renewables will be financed by the EEG tax and grid fees will rise.

In the EU the share of total production costs covered by electricity sales fell from 77% in 2010 to about 60% in 2017 and looks set to continue declining. Such unsatisfactory market signals led many European utilities to broaden their exposure to global markets by means of deep business restructuring and reorganisation.

Danish electricity producer Ørsted announces its intention to issue a benchmark-size subordinated green hybrid capital security with a maturity in 3017 and first par call date after 7 years and a benchmark-size euro-denominated green senior unsecured bond with a maturity of 12 years. Ørsted invited holders of its outstanding bonds to tender them for purchase.