EUROPE POWER-Spot prices lifted by drop in renewables power generation
PARIS: European spot electricity prices for day-ahead delivery rose on Thursday on the back of a slump in wind and solar generation, while year-ahead contracts climbed, tracking a rise in carbon, coal and gas futures.
* The German over-the-counter baseload contract for Friday delivery was up 6.3% at 21 euros ($22.44) a megawatt hour (MWh) by 0925 GMT.
* The equivalent French day-ahead price gained 2.4% to 21.25 euros/MWh.
* Electricity generation from German wind turbines is expected to dip by 610 megawatts (MW)to 19.6 gigawatts (GW) on Friday, according to Refinitiv Eikon data.
* German solar power supply is forecast to fall by 2.4 GW to 6.8 GW, the data showed.
* French nuclear power availability rose by 3.5 percentage points to 73.2% of total installed capacity compared with the previous day following the restart of two nuclear reactors.
* Wind electricity generation was forecast to slide in France by 480 MW to 1.5 GW, while electricity generation from French solar panels was expected rise by 140 MW at 1.9 GW.
* On the demand side, power consumption in Germany is expected to ease ahead of the weekend in Germany by 1.3 MW day-on-day to 67 GW on Friday.
* French power consumption will fall by 3.3 GW to 50.7 GW in the same period, the Refinitiv data showed.
* The average temperature was expected to rise by 0.6 degrees Celsius in Germany on Friday. The average temperature is projected to increase by 2.1 degrees Celsius in France on Friday.
* In the year-ahead curve, Germany’s Cal ‘21 contract , Europe’s futures benchmark, gained 1.3% to 35.50 euros/MWh, supported by the rise in oil, coal, gas and carbon emissions prices.
* The equivalent French year-ahead baseload position was up 1.6% at 39.90 euros/MWh.
* The Czech year-ahead baseload contract rose 1.1% to 40.30 euros/MWh.
* December 2020 expiry European CO2 allowances gained over 4% to 17.79 euros a tonne.
* Greenhouse gas emissions regulated under Europe’s carbon market fell by 8.7% last year, preliminary like-for-like European Commission data examined by carbon analysts at Refinitiv showed on Wednesday.
* Hard coal for northern European delivery in 2021 was a tick higher at $54.40 per tonne.
* Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. ($1 = 0.9158 euros)
Source: reuters
