Early next week spot power soars on forecast slump in renewables
PARIS, Oct 6 – European prompt electricity prices for early next week delivery on Friday surged to levels last seen in February, lifted by forecasts showing a sharp drop in wind and solar power generation.
* The German baseload prompt price for Monday delivery accelerated over 50 percent in the wholesale market to 43.25 euros ($50.64) a megawatt-hour (MWh), compared with the price paid on Thursday for Friday delivery.
* The equivalent French contract for Monday delivery gained 11.5 euros to an eight-month high of 59.50 euros/MWh compared with the price paid for Friday delivery.
* German wind power output is projected to plunge by 13.6 gigawatts (GW) on Monday to 7.7 GW, according to Thomson Reuters data. Solar power generation will decline by 300 megawatts (MW) to 3.6 MW.
* In France, wind power production will fall by 2.1 GW to 900 MW, while solar output will slip by 160 MW to 790 MW.
* French nuclear power availability, which accounts for over 75 percent of its electricity needs, will remain steady at 63.80 percent of capacity as two reactors will go offline for maintenance on Oct. 7 and two others will resume production by Sunday.
* 21 out of 58 nuclear reactors operated by French utility EDF are offline for maintenance and reviews ordered by nuclear regulator ASN.
* Concerns that nuclear-dependent France could face tight winter electricity supply has increased in recent weeks as EDF has delayed the restart of a number of reactors several times.
* Along the forward power curve, prices dipped on Friday, tracking fuels and carbon emissions prices.
* Germany’s Cal’18, the European year-ahead benchmark , slipped 0.71 percent to 35.20 euros/MWh.
* The French contract for 2018 delivery dipped 0.12 percent to 42.40 euros/MWh.
* December-expiry EU carbon permits fell 0.44 percent to 6.87 euros. Coal cif Europe for 2018 delivery was down 2.35 percent at $79 a tonne.
* In Eastern Europe, the Czech Monday was untraded. The year-ahead position fell nearly 1 percent to 35.75 euros/MWh. ($1 = 0.8540 euros)
Source: Reuters
