Home Europe & UK EUROPE POWER-German prompt prices fall as renewables surge adds to supply
EUROPE POWER-German prompt prices fall as renewables surge adds to supply

EUROPE POWER-German prompt prices fall as renewables surge adds to supply

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FRANKFURT: German spot wholesale power prices fell on Monday as forecasts pointed to a more than doubling of wind power output on Tuesday, overriding the bullish effect of rising demand.

* German Tuesday baseload power, at 41.40 euros ($46.84) per megawatt hour (MWh), was 11 percent down from the price for Monday delivery.

* The equivalent French price was up 1 percent at 48 euros, with consumption expected to climb and nuclear supply to remain weak.

* Front-week prices for baseload delivery in both countries fell by more than 4 percent.

* German wind power supply on Tuesday is forecast to hit 19.9 gigawatts (GW), more than a third of total installed capacity, after 7.2 GW on Monday, according to Eikon Refinitiv data. Wind supply should range between 5 GW and 14 GW each day over the next fortnight.

* The country’s solar generation is forecast to remain little changed at daily levels up to 5 GW over the next fortnight, well up from typical winter levels around 1 GW.

* German power demand is likely to rise to 71.7 GW on Tuesday, up 2 GW from Monday. France will see an increase of the same size to stand at 65 GW. Demand is expected to drop sharply next week.

* Average 24-hour temperatures of 6.5 degrees Celsius in Germany and daytime peaks of 10-20 degrees are much milder than usual for the time of year, a met office report said.

* Power curve prices trended higher, as the contracts were seen as buy opportunities after last week’s losses, traders said.

* Germany’s Cal ‘20 baseload power, the European benchmark, edged up 0.4 percent to 46.4 euros/MWh.

* The equivalent French year-ahead contract was in a 49.75-51 bid-ask range having closed at 49.1 euros on Friday.

* European December 2019-expiry CO2 emissions rights fell 1 percent to 20.2 euros a tonne.

* Hard coal for northern European delivery in 2020 was bid at $79.5 a tonne following a settlement at $77.8 on Friday.

* In Eastern Europe, Czech day-ahead baseload, at 44.2 euros, was sharply below the 69 euros paid for Monday delivery.

* Czech year-ahead power gained 0.9 percent to 48.6 euros/MWh.

* French nuclear power generation is unlikely to surpass 405 terawatt hour (TWh) annually in the years ahead, due to planned shutdowns of some reactors, Jean-Bernard Levy, chief executive of utility EDF said on Sunday. ($1 = 0.8838 euros)

Source: in.reuters
Anand Gupta Editor - EQ Int'l Media Network

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