Prompt Up on Colder Weather in France

European spot power prices rose on Tuesday, on forecasts for colder weather in France and lower wind power production in Germany.

German baseload for Wednesday delivery was at 55.35 euros ($68.7) per megawatt hour, 0.35 euros up on the day.. The equivalent French contract jumped by 5.25 euros to 58 euros.

Point Carbon data showed German wind power levels were set to drop by 780 MW on Wednesday to 2.6 GW.

Consumption is due to jump by more than 2 GW in France to 68.5 GW on Wednesday and by 330 MW in Germany to nearly 70 GW in that period.

The impact of colder temperatures is felt more in France, where electric heating is more widespread than in Germany.

Average 24-hour temperatures in Germany were set to rise by 0.3 degrees Celsius but remained below zero degrees and those in France were due to fall by 0.8 degrees to 5.3 degrees.

Along the power forward curve, year-ahead contracts continued to fall from 8-1/2 month highs last week, with the German Cal' 15 position down 30 cents at 35.25 euros per MWh.

The French contract was down 35 cents at 42.40 euros/MWh.

European gas prices eased on oversupply and Brent crude fell below $72 a barrel, near five-year lows hit this week.

December-expiry carbon emissions rights were down slightly at 6.98 euros a tonne. 

Reporting by Michel Rose