Europe Power - Spot Down on Rising Temperatures, Solar Output

Wednesday, March 05, 2014

Reuters- European spot power prices fell on Wednesday due to forecasts for warmer weather in France and expectations for a rise in solar electricity production in both Germany and France.

The German baseload power contract for Thursday delivery fell 4.5 cents to 41.5 euros ($57.03) per megawatt-hour (MWh) in the over-the-counter (OTC) market.

The equivalent French day-ahead contract was 1.3 euros lower at 45.7 euros per MWh.

Temperatures in France were expected to rise by 0.3 degree Celsius to 7.5 degrees on average on Thursday, while they were set to remain broadly stable around 5.3 degrees in Germany.

The 2013/2014 winter was France's second-warmest since records began in 1900, according to official French forecaster Meteo France, with temperatures about 1.8 degrees Celsius above seasonal averages.

Temperatures in France are a major swing factor for European power prices in the winter because of French households' heavy reliance on electrical heating.

On the supply side, solar power output was expected to rise by 290 MW in Germany and 330 MW in France on Thursday, according to Thomson Reuters Point Carbon data.

French nuclear power availability was unchanged at 84.6 percent, but the return to the grid of EDF's 900 MW Bugey 5 nuclear reactor was delayed by a day to Thursday.

Contracts were also lower along the forward curve, tracking oil prices and correcting some of the gains made earlier this week on the back of the political tensions around Ukraine.

"Looking back now, the market over reacted to the situation, and most of the price gains have been given back," a London-based trader said.

The German benchmark price for the year-ahead, Cal '15 baseload, was down 10 cents at 36.2 euros per MWh, after hitting an eight-session high of 36.75 euros on Monday.

The equivalent French position was unchanged at 42.85 euros per MWh.

Brent crude oil futures fell below $109 a barrel, down for a second day on an easing of fears that Russia's incursion into Ukraine could lead to war.

In sector news, European Union antitrust regulators fined power exchanges across the region a total of 6.9 million euros ($9.5 million) for anti-competitive practices thwarting Europe's strategy to create a single energy market.

($1 = 0.7277 euros)

(Reporting by Michel Rose; editing by Jane Baird)

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

LISCR Appoints New Managing Director for Hong Kong

The Liberian Registry has appointed shipping executive Gerry Buchanan as managing director of its dedicated Hong Kong office, the registry announced today.      As

Wheelabrator Opens Ontario Location

Surface preparation company Wheelabrator Group (Canada) Ltd. celebrated its grand opening with a ribbon cutting ceremony and luncheon after moving to a new location and office complex in Burlington,

INTERSCHALT Expands Africa, Asia Service Networks

INTERSCHALT maritime systems AG, the provider of maritime software, services and supplier of Voyage Data Recorders (VDR 4G[e] and s-VDR) has expanded its network

Contracts

ECO Orders Rolls-Royce Equipment for New AHTS

Rolls-Royce has been awarded a contract worth $30.6m with the American owner Edison Chouest Offshore (ECO). The contract for ship equipment comprises Azimuth main propulsion,

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Kvichak, Vigor Announce Merger

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak

Environmental

Cargo Vessel Grounded on Scottish Coast Towed Today

The towing of the DFDS cargo vessel Lysblink Seaways began today at 1:00pm local time, the UK's Maritime Coast Guard Agency announced.   The vessel ran aground

Harbor Police Rescues Stranded Sea Lion

Sea lions are a common sight in San Diego Bay, but a sea lion wandering a busy roadway and then ending up in the back of a patrol car is slightly rarer.   The

VesselVanguard Partners with Hatteras Yachts

VesselVanguard announced today a new partnership with Hatteras Yachts to provide a five-year subscription for its award-winning maintenance management solution

Energy

BG Group's Australian Project Helping to Double LNG Supplies

A smooth start to operations at BG Group's Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16,

Seadrill: Rig Rates Have Not Bottomed

The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae

Ghana-Ivory Coast Maritime Dispute Mar Tullow

A dispute over maritime boundaries between Ghana and Ivory Coast is damaging Tullow Oil, which risks postponement of its TEN project in the waters off Ghana's coastline.

News

Fire Aboard US Navy Ship

A fire broke out aboard a U.S. Navy amphibious dock landing ship USS Gunston Hall (LSD 44) at approximately 2 p.m. yesterday while the ship was undergoing maintenance

Wheelabrator Opens Ontario Location

Surface preparation company Wheelabrator Group (Canada) Ltd. celebrated its grand opening with a ribbon cutting ceremony and luncheon after moving to a new location and office complex in Burlington,

Ten Migrants Die in Mediterranean, a Thousand Rescued

At least 10 North African migrants died when their rubber boat overturned in the southern Mediterranean while almost a thousand more from a total of seven vessels

 
 
Maritime Security Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1964 sec (5 req/sec)