PARIS: European spot electricity prices for early next week delivery tumbled in wholesale trade on Friday on the back of forecasts showing a sharp fall in electricity demand.
* German over-the-counter baseload contract for Monday fell 33.3% to 14 euros ($15.13) a megawatt hour (MWh) by 1042 GMT, compared with the price paid on Thursday for Friday delivery.
* The equivalent French prompt price for Monday dropped 42.9% to 12 euros/MWh compared with the Friday price paid on Thursday.
* Power consumption in Germany is expected to decrease on Monday in Germany by 3.2 gigawatts (GW) to 63.8 GW on Monday, according to Refinitiv Eikon data.
* French power consumption is projected to fall by 11.8 GW to 39 GW on Monday.
* Electricity demand has declined across Europe in the past weeks due to confinement measures taken by governments to curb the spread of the coronavirus.
* The average temperature was expected to rise by 3.9 degrees Celsius in Germany on Monday. The average temperature is projected to increase by 3.3 degrees Celsius in France on Monday.
* On the supply side, electricity generation from German wind turbines is expected to dip by 3.6 GW to 16 GW on Monday, the Refinitiv data showed.
* German solar power supply is forecast to rise by 4.3 GW to 8.8 GW, the data showed.
* French nuclear power availability fell by 2.1 percentage points to 71.1% of total installed capacity compared with the previous day following the planed outage of one reactor.
* Wind electricity generation was forecast to climb in France by 3 GW to 4.5 GW, while generation from French solar panels was expected slide by 420 megawatts (MW) at 1.5 GW.
* In the year-ahead curve, Germany’s Cal ‘21 contract , Europe’s futures benchmark, was flat at 35.95 euros/MWh.
* The equivalent French year-ahead baseload position was up 0.5% at 40.20 euros/MWh.
* December 2020 expiry European CO2 allowances slipped 0.1% to 18.03 euros a tonne.
* Hard coal for northern European delivery in 2021 was a flat at $54.50 per tonne.
* Benchmark Brent crude oil futures reversed losses incurred during Asian hours in early European trading on Friday to rise above $30 a barrel, on expectations of a huge global supply cut deal to support prices.($1 = 0.9255 euros)