Low Holiday Demand Sees Prompt Prices Dip
Declining consumption before the Easter holiday pushed central European spot power prices lower on Thursday, though Hungarian day ahead remained at a regional premium due to less supply, traders said.
In the over-the-counter market, electricity for Friday fell 16 percent to 26.40 euros ($36.45) per megawatt-hour in the Czech Republic, dipped 11.5 percent to 29.50 euros in Slovakia and declined nearly 4 percent to 42.30 euros in Hungary.
Data from Thomson Reuters Point Carbon showed forecasts for falling consumption across the region headed into the long holiday weekend. Wind generation in Germany was pegged steady at around 6.2 gigawatts for Friday, with solar output easing to 3.9 GW.
Further along the curve, the Czech Cal '15 rose 10 cents to 34.10 euros on the Prague-based Power Exchange Central Europe. The Hungarian front year gained 10 cents to 43.60.
The benchmark German Cal '15 contract climbed 5 cents to 34.90 euros on EEX in afternoon trade. Day ahead on Poland's POLPX exchange fell to 192.83 zlotys ($63.46) from 204.83 zlotys.
Around the region, Russian President Vladimir Putin said Moscow will wait a month for Ukraine to foot its gas bills before possibly switching to demanding upfront payments.
Russia's South Stream pipeline project must not be blocked for political reasons and Bulgaria plans to start construction this year despite the crisis in Ukraine, Bulgarian Energy Minister Dragomir Stoynev said.
Brent crude steadied under $110 a barrel, after hitting a six-week high in the previous session, as traders assessed the risk that tensions in Ukraine could disrupt supplies from Russia.
European Union carbon futures rose nearly 3 percent to 5.67 euros a tonne in afternoon trading.
($1 = 0.7243 euro) ($1 = 3.0385 Polish zlotys)
(Reporting by Michael Kahn; Editing by Dale Hudson)