EUROPE POWER-Lower renewables and French nuclear lifts prompt prices

PARIS: A forecast fall in renewables power generation lifted European spot electricity prices for day-ahead delivery on Thursday, while year-ahead contracts posted slight gains tracking carbon emission, coal and gas prices.

* Germany’s baseload spot power price for Friday delivery soared over 10 percent, or 4.8 euros to 49.60 euros ($58.62) a megawatt hour (MWh).

* The French prompt price for Friday delivery gained 3.5 percent to 50.20 euros/MWh.

* Electricity production from German wind turbines is expected to fall by around 5.5 gigawatts (GW) on Friday to 2.8 GW, according to one forecast.

* In France, wind electricity output will drop by 870 megawatts (MW) to 1.3 GW. Solar power supply is expected to decline by 220 MW to 1.2 GW, Thomson Reuters data showed.

* Combined electricity demand in both countries will drop by around 2 GW on Friday to 107 GW due to warm weather, and as businesses slow down ahead of the weekend.

* Lower renewables and French nuclear availability kept bullish pressure on prices, a trader said.

* French nuclear power availability was below 69 percent of capacity on Thursday after EDF delayed the restart of its 900 MW Dampierre 2 reactor by two days until Saturday

* French nuclear power supply was also affected by a three-day strike at EDF’s Cruas nuclear plant which reduced output from two reactors by a total 1.2 GW on Thursday. The strike is expected to last until Saturday.

* Gains in coal, carbon emission and gas prices provided support to 2019 delivery power contracts.

* The German Cal’19 baseload, Europe’s benchmark, edged up 0.3 percent at 42.25 euros/MWh.

* The less liquid French equivalent year-ahead contract added 0.5 percent to 47.05 euros/MWh.

* Benchmark European AP12 coal for 2019 rose 0.2 percent to $89.90 a tonne.

* European carbon permits for December 2018 expiry were at 15.39 euros a tonne, up 0.5 percent.