Dark Spread

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Dark chocolate with fruity and acid taste of the cranberry
Marshmallow with pieces of raspberry coated in dark chocolate
Little hollow milk chocolate figurine in the shape of a lion.
Little hollow dark chocolate figurine in the shape of a hippopotamus.
Milk chocolate with almond and sea salt
White chocolate disc decorated with pecan nuts and dried fruits
Dark chocolate with fruity and acid taste of the cranberry
Marshmallow with pieces of raspberry coated in dark chocolate
Little hollow milk chocolate figurine in the shape of a lion.
Little hollow dark chocolate figurine in the shape of a hippopotamus.
Milk chocolate with almond and sea salt
White chocolate disc decorated with pecan nuts and dried fruits

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Enjoy your favorite Leonidas chocolate at any time, with the smooth spread free from palm oil, the pyramids to make a delicious homemade hot chocolate, the choc's to share and the new Crousty to carry with you at any time...
Enjoy your favorite Leonidas chocolate at any time, with the smooth spread free from palm oil, the pyramids to make a delicious homemade hot chocolate, the choc's to share and the new Crousty to carry with you at any time...
All the Leonidas quality in a smooth spread with dark chocolate, free from palm oil and with cocoa butter. To enjoy at any time of the day, for breakfast or afternoon tea.
sugar, vegetable oil (sunflower), fat-reduced cocoa powder (17,5%), cocoa butter, emulsifier: soya lecithin, cocoa extract
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Leonidas has had a single mission since 1913: to make the most delicious and highest quality chocolates accessible to everyone. Our Belgian chocolates are now sold in more than 1,300 shops throughout the world. More than 100 varieties of chocolates, all made from chocolate with 100% pure cocoa butter. Fine chocolate, freshness, quality and accessibility are guaranteed in all Leonidas shops. Belgian chocolate lovers are right to view our chocolates as the best.
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Relative profits for some natural gas- and coal-fired generators in several Midwestern and Mid-Atlantic states may have decreased since 2016 because of higher natural gas and coal prices and lower wholesale electricity prices. A common measure of profitability for power plants within a region is the difference between their input fuel costs, such as the cost of coal or natural gas, and their wholesale power price.
For electric power generation fueled by natural gas, this difference is called the spark spread ; for coal, the difference is called the dark spread . Spark spreads and dark spreads in the first part of 2017 were lower than the 2016 averages in the PJM Western hub, which covers electricity generation in parts of several Midwestern and Mid-Atlantic states.
Changes in spark spreads and dark spreads for a given electricity power market indicate the general operational competitiveness of coal-fired or natural gas-fired electric generators in meeting the market’s electricity demand. These spreads are calculated by comparing the day-ahead, wholesale power market price with the delivered input price of the fuel, and are adjusted for the energy content of the fuel and the relative conversion efficiency of power plants. These values can then be compared with wholesale power prices, which, in this example, are the average day-ahead prices at the PJM Western hub .
Delivered coal prices vary among coal supply regions based on the quality of coal, the transportation costs of shipping the coal, and other contract terms. Natural gas prices vary regionally and are calculated using spot market prices, which can be volatile on a day-to-day basis.
Coal and natural gas have different energy contents, and the power plants using these fuels have different heat rates, or energy conversion efficiencies. For this reason, spark and dark spreads are location-specific and reflect the characteristics of the fuels and the technical specifications of power plants in a given market.
For example, natural gas consumed in the electric power sector in the PJM region has an estimated heat content of 1,033 British thermal units (Btu) per cubic foot of natural gas. So far in 2017, the average price for natural gas in this area has averaged $2.54/million Btu, based on prices at the Texas Eastern Transmission Market Zone 3 (Tetco M3) trading hub, which generally reflects natural gas prices in Pennsylvania, New Jersey, and New York. Spot prices within PJM vary widely because of pipeline constraints transporting natural gas from production areas in the Appalachian region to different markets.
Natural gas combined-cycle plants in the PJM region are generally expected to produce one kilowatthour of electricity for every 7,300 Btu of natural gas. In the PJM region, combined-cycle plants are more commonly operated in direct competition with coal-fired generators. At the national level, average heat rates for all natural gas-fired generators have decreased over time (i.e., become more efficient) as more efficient natural gas power plants such as combined-cycle units have been installed and as older and less efficient units have been retired or converted to more efficient units.
Coal consumed in the PJM region has an estimated heat content of 22.5 million Btu/short ton, representing the consumption-weighted average heat content of various coal types. Coal prices in the region have averaged about $55/short ton so far this year. Adding in an assumed coal transportation cost of $17/short ton, the estimated delivered coal costs translate to about $3.20/million Btu, or about 34% higher than delivered natural gas costs. PJM-region coal plants are, on average, less efficient than natural gas combined-cycle units, requiring about 10,500 Btu of coal to produce one kilowatthour of electricity.
Although PJM-region spark and dark spreads appear to indicate that natural gas-fired units have been more profitable than coal-fired units recently, many factors affect these calculations, including the selection of representative fuel prices, generator heat rates, fuel delivery costs, and time of year considered.
Principal contributor: Augustine Kwon

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The Clean Dark Spread is one of the main short term drivers of carbon prices as we explain below. Clean Dark Spreads (Clean Dark Spread) measure the profitability of coal fired electricity (power) ¬generation based on the variable cost of inputs (coal and carbon credits) and the value of the output (electricity). The constituents of the phrase are more or less self-explanatory but the “Dark” part refers to coal, the “Clean” part refers to the fact that the cost of carbon pollution is accounted for and “Spread” refers to the cost of fuel relative to the value of the electricity produced. Other derivatives of the naming convention are “Spark Spread” for the difference between gas costs and electricity and the more light-hearted than truly useful “Quark Spread” and “Bark Spread” referring to the profitability of Nuclear and Biomass electricity production respectively.
Apart from the price of the underlying constituents the other major factor is FX. Coal is priced in $, emissions in € and power in the relevant currency of the country being described. Typically discussions of Clean Dark Spread revolve around German power prices which is priced in € thus making the calculation a little simpler. Additionally, calculations need to take into account an energy conversion factor, i.e. the fuel to electricity conversion efficiency of a plant. This factor varies by plant and is based on its technical efficiency levels (newer plant are more efficient than older plant for example) AND it’s usage pattern, a power plant that is constantly cycled on and off is much less efficient than one that is continuously generating. However, for the purpose of carbon market analysis the Clean Dark Spreads are typically calculated using constant factors that provide an indication of the average Clean Dark Spread of a given electricity system, for example a 36% fuel conversion factor. Finally, the carbon content of a tonne of coal (which will impact the quantity of CO2 produced to generate 1 unit of electricity) can vary by quite a lot however for simplicity this is also kept constant at an approximation of the average carbon content of coal burned in the given system.
Europe’s electricity generating utilities are the largest compliance buyers within the EU ETS. For example, RWE were the largest CO2 emitter in Europe in 2014 with annual emissions of over 140Mt CO2. With no or very little free allocation of EU Allowances (EUAs) this equates to the need to purchase, on average, more than 500,000 EUAs per working day. The utilities typically hedge up to 3 years in advance and have hedging “windows” such that they are required by their boards to have set percentages of their hedging done for each year by the end of that window. Assessing when, and in what size utilities are likely to come to the carbon market to buy their shortfall therefore becomes an important part of any analysis of carbon price movements. So much so that the European Commission “shapes” their auction calendar to provide more EUAs for sale in periods of perceived higher demand and less in periods of low demand, for example August and December. When the utilities are keen to lock in profit levels they hedge the Clean Dark Spread, that is the coal, FX, carbon and power exposure, all at the same time. It is accepted wisdom amongst carbon market analysts, pundits and traders that “high” Clean Dark Spread market conditions will lead to more demand for EUA purchases.
“High” of course is a relative term so analysts track Clean Dark Spread averages and recent trends. The analysis is not especially robust at times, for example in a period of “low” Clean Dark Spread levels utilities may collectively reach the edge of their hedging windows and buy carbon regardless of the relative strength of the spread. At times like this the relationship breaks down and traders scratch their heads and possibly lick their wounds if they call the carbon price move wrong. To add to the complexity Clean Dark Spread levels are calculated across various time periods (e.g months, quarters, years) which can move independently of each other as well as for different countries.
It is impossible to know exactly when the hedging will take place however, by analysing the profitability levels of coal fired power generation it is possible to gain some insight into the short term buying and selling triggers of the biggest carbon traders, the utilities.
Make sure you are subscribed to the Redshaw Advisors Weekly Carbon Trading Market Update to find out the latest developments of the Clean Dark Spread levels.
You can unsubscribe at any time by clicking the link in the footer of any email you receive, or by contacting us at info@redshawadvisors.com. For more information about our privacy practices please visit our website. Whilst subscribed to our mailing list, you agree that we may proce
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