Spot Down on Warmer, Windy Weather

Posted by Michelle Howard
Thursday, April 24, 2014

European spot power prices dropped on Thursday on forecasts for warmer weather and a rise in wind power production in Germany and France.

 


German baseload for Friday delivery was 1.8 euros down day-on-day at 33.75 euros ($46.67) a megawatt hour (MWh) while French day-ahead baseload was off 2 euros at 35 euros per MWh.
 


German wind power supply is due to rise by 1.8 gigawatts (GW) on Friday and solar supply will also add 0.6 GW, Thomson Reuters Point Carbon figures showed. In France, wind electricity production was also expected to rise 1.3 GW.
 


Temperatures were forecast to climb by 1.7 degrees Celsius in Germany and 0.3 degree in France between Thursday and Friday.



Consumption was set to drop by 1.4 GW and 1.1 GW in both countries respectively.



French nuclear power availability has tightened over the last few days, however, with an unplanned outage at EDF's 1,300-MW Paluel 1 nuclear reactor on Thursday bringing the offline rate to almost 31 percent.



Along the power forward curve, the German Cal '15 baseload contract was up 15 cents from the previous day at 34.80 euros, tracking higher oil and carbon prices.



The equivalent French Cal' 15 contract remained untraded, in a bid/ask range of 42.00/42.05 euros.



Oil edged further above $109 a barrel as the dispute between Russia and the West over Ukraine added to supply concerns, though record U.S. crude inventories kept gains in check.



EU carbon ticked up 0.35 percent, with the Dec '14 last at 5.74 euros a tonne.



($1 = 0.7231 Euros)

(Reporting by Michel Rose; Editing by Mark Potter)

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