Spanish utility Endesa has warned that the low power generation prices that the country is seeing through Covid-19 will be short-lived and will soon rise back to levels of €50 per MWh. The country’s Cal 21 power contract closed at €41.10 on Friday, with signs of bouncing back from sub-€40 prices seen in March. While the utility stated that it was confident that it has “seen the bottom of gas prices,” Endesa has already hedged 95% of its gas portfolio for 2020 and 50% for 2021, under fears of further market volatility. Current prices across the market have seen negative spark prices, which essentially makes gas-fired power stations unprofitable and unsustainable in the long-term, while returns from renewables remain unaffected…