Spot Falls on Weak Summer Demand, More Wind Generation
- Wind generation forecast to rise to 5.7 gigawatts
- Cal '15 prices fall
- Russian gas flows via Ukraine stable on Monday
Weaker demand during the summer holidays and forecasts for increasing wind generation in the region pushed Central European spot power prices lower on Monday, traders said.
On regional exchanges, electricity for Tuesday delivery fell 3 percent to 36.27 euros ($49.47) per megawatt hour in the Czech Republic and Slovakia and declined a little more than 3 percent to 44.39 euros in Hungary where planned outages and weaker Balkan demand have kept prices at a regional premium.
Data from Thomson Reuters Point Carbon showed forecasts for wind generation in Germany rising nearly 2 gigawatts to 5.7 GW for Tuesday with solar production at just under 4 GW.
Further along the curve, the Czech front month fell 35 cents to 30.70 euros and Hungarian electricity for August declined 25 cents to 45.60 euros.
On the Prague-based Power Exchange Central Europe dipped 10 cents to 33.65 euros and the Hungarian Cal '15 shed 15 cents to 43 euros.
Around the region, the benchmark German Cal '15 decreased 1 cent to 34.30 euros on Germany's EEX exchange in afternoon trade. Day-ahead on Poland's POLPX exchange fell to 190.25 zlotys ($62.45) from 229.59 zlotys.
Russia's Gazprom said on Monday Russian gas flows to Europe via Ukraine remained stable.
All construction timelines for the South Stream pipeline are on track and the European Union should restart talks about the project, Russian Foreign Minister Sergei Lavrov said on a visit to Bulgaria.
Brent crude oil steadied under $111 a barrel, just above a three-week low, as Libya geared up to resume oil exports from two ports closed for nearly a year.
European Union carbon futures fell 1.8 percent to 5.59 euros in afternoon trading.
($1 = 0.7331 Euros) ($1 = 3.0462 Polish Zlotys)
(Reporting by Michael Kahn; Editing by David Evans)