Home Europe & UK German prompt up on low renewables, French off as demand eases
German prompt up on low renewables, French off as demand eases

German prompt up on low renewables, French off as demand eases

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Lower wind power production and limited solar availability drove German spot electricity prices higher in the European wholesale market on Wednesday, while lower demand weighed on French spot levels.
* The German baseload power price for Thursday delivery was up 11 percent at 37.2 euros ($41.74) per megawatt-hour (MWh).
* The equivalent French day-ahead contract lost 2 percent to 40.55 euros/MWh.
* German wind power was set to generate 4 gigawatts (GW) on Thursday and 1.8 GW on Friday compared with expected volumes of 12.6 GW on Wednesday, according to Thomson Reuters data.
* German solar output is due to stay around daily averages of 7-9 GW until the middle of June, compared with installed capacity of 41 GW.
* Demand is due to ease by 0.3 GW day-on-day in Germany and by 0.2 GW in France as the impact of the current heat wave is factored in, and a slowdown ahead of the holiday on June 5 immediately following the weekend is already being felt.
* Power curve prices were down along with weaker oil, carbon, coal and gas prices.
* The German Cal ’18 baseload benchmark was 1.5 percent down at 30.3 euros, having hit a twelve week-high in the previous session.
* The equivalent French contract was 1.1 percent down at 36 euros/MWh, also down from a previous three-month high.
* North Europe coal for 2018 delivery shed 0.9 percent at $67.4 a tonne
* Dec’ 17 expiry EU carbon lost 1.6 percent at 5.07 euros a tonne.
* In eastern Europe, the Czech day-ahead delivery contract did not trade after a 35.75 euros close. The year-ahead contract lost 1 percent to 30.95 euros/MWh.
* Bloomberg reported that Finland’s Fortum is in talks with German energy group E.ON about buying its 47 percent stake in Uniper, citing sources, and sending shares in Uniper sharply higher.($1 = 0.8912 euros) (Reporting by Vera Eckert; Editing by Mark Potter)

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Source:TOI
Anand Gupta Editor - EQ Int'l Media Network

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