The Attunga Enviro Opportunities Fund (EOF) recorded a strong positive return in January due to an increased demand for electricity during the month, up +11.12%.
Record high temperatures in Melbourne and Adelaide during January sharply increased electricity demand, with the Victorian spot contract jumping from $47.25/MWh to $75/MWh in the space of a week. The manager also noted the return of some volatility to power markets during the month.
Attunga's other fund, the Agricultural Trading Fund, was also up in January (+4.98%). There was a slight recovery in agricultural commodity prices from lows in early December, with the fund benefitting from cross commodity and volatility spreads.
