Spot lifted by fall in renewables and tight French nuclear supply
PARIS, June 26 (Reuters) – European spot electricity prices for day-ahead delivery rose on Monday, supported by forecasts for a fall in German wind and solar power generation, tight nuclear supply in France, and firm power demand. * The German baseload electricity contract for Tuesday delivery gained 5 euros to 39.25 euros ($43.87) per megawatt-hour (MWh), compared with the price paid on Friday for Monday delivery. * The equivalent French contract for Tuesday rose 2 euros to 42 euros/MWh, compared with the price paid on Friday for Monday delivery. * German wind power production is expected to tumble by 6.6 gigawatts (GW) on Tuesday to 4.3 GW, while electricity supply from solar panels will fall by over 2 GW to 5.8 GW, according to Thomson Reuters data.
* In France, available nuclear power supply fell to 63 percent of capacity from 66.8 percent on Friday following outages at two nuclear reactors, one of which was unplanned, and delays in the restart of three other reactors.
* Power consumption in both countries is expected to rise on Tuesday. Demand will increase by 2.2 GW day-on-day to over 70 GW in Germany, and by 1.5 GW in France to nearly 50 GW, the Reuters data showed.
* Peak demand in France on Tuesday is seen at about 57 GW, according to a forecast by French grid operator RTE.
* On the forward curve, the German Cal ’18 benchmark rose 0.33 percent to 30.55 euros/MWh, tracking gains in oil and coal, while the equivalent French contract added 0.55 percent to 36.65 euros/MWh.
* Coal cif North Europe rose 0.07 percent to $68.65 per tonne.
* Oil rose for a third straight session on Monday, as speculators took advantage of last week’s drop to seven-month lows, although rising U.S. supply and little evidence of a widespread drop in global inventories capped gains.
* The December expiry EU carbon contract fell 0.82 percent to 4.83 euros a tonne.
* In eastern Europe, the Czech contract for Tuesday mirrored the German spot and was up 4.95 euros at 42.70 euros/MWh. The year-ahead contract was untraded.($1 = 0.8946 euros) (Reporting by Bate Felix; Editing by Susan Fenton)
Source:Reuters
