Spot power prices dip on higher renewables, thermal supply

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July 28, 2017 Anand Gupta

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European spot electricity prices for next day delivery fell on Thursday pressured by increased production from wind, solar and thermal generation, while demand is expected to declined ahead of the weekend.
* German baseload power for Friday delivery dipped 8.9 percent or 3 euros to 30.75 euros ($36.05) per megawatt-hour (MWh).
* The French spot contract for day-ahead fell 5.9 percent to 31.75 euros/MWh.
* Electricity demand is expected to fall by 1.7 gigawatts (GW) in Germany on Friday to 65.7 GW, and by 750 megawatts (MW) in France to 45.3 GW, while average temperature is expected to remain stable in both countries, according to Thomson Reuters data.
* Peak demand in France on Friday is expected above 53 GW according grid operator RTE. Next week, average temperature is expected to rise, boosting demand for cooling with daily peak electricity consumption expected above 50 GW.
* French power consumption rose by 1.8 percent in June compared with the same month a year ago as scorching temperatures, at 2.7 degrees Celsius above seasonal norm, pushed up demand for electricity used in cooling, RTE said on Thursday.
* On the supply side, German wind power production will rise by 2.7 GW on Friday to over 10 GW, while solar power availability will increase by 1.5 GW to 5.7 GW, the data showed. Thermal generation is also expected to be higher.
* French nuclear reactor availability rose to 70.3 percent of capacity from 68.9 percent on Wednesday.
* In the forward power curve, the German benchmark contract for delivery of baseload in 2018, Cal ’18, fell 0.5 percent to 31.20 euros/MWh.
* The less liquid French equivalent was untraded from its Wednesday close at 37.20 euros/MWh.
* Dec 2017 expiry EU carbon emissions rights prices was down 0.2 percent to 5.24 euros a tonne, while coal cif North Europe gained 0.3 percent to $73.20 per tonne.
* In eastern Europe, the Czech Friday delivery contract , that usually tracks German prices, fell 8.1 percent to 34 euros/MWh. The year-ahead contract fell 0.8 percent to 31.75 euros/MWh close. ($1 = 0.8530 euros)