French spot prices rise with return of demand
On Tuesday, the French baseload electricity prices are expected to increase as demand is expected to return after both countries have returned from their Monday holidays.
LSEG data shows that the French baseload electricity price for Tuesday at 0828 GMT was 30 euros ($34.30 per megawatt-hour (MWh), up 27.7% compared to last Monday.
Data showed that the equivalent German contract was not traded during Whit Monday.
On Friday, both Monday contracts were not traded.
LSEG data indicated that the German wind power production was expected to increase by 7.5 gigawatts to 22.8 GW while French output is projected to grow 490 megawatts to 1.8 GW.
The data indicated that the German solar generation is expected to drop by 2.4 GW to 13.9 GW on February 2.
The ambition of Europe to develop clean, cheap energy was recently hit by a reality check. Power failures and a series of cancelled renewables project made it clear that the path to affordable power would come at a high cost.
The French nuclear capacity is flat at 69%.
EDF, the operator of Flamanville 1, said that it disconnected the reactor from electricity grid Friday evening in order to adjust production levels to demand levels.
On Tuesday, power consumption in Germany will increase by 11 GW up to 52.3 GW. In France, demand is expected to rise by 4 GW up to 40.8 GW.
The German baseload power for the year ahead was not traded with a price of 89.15 Euros/MWh. It was also untraded in France with a price of 63.75 Euros.
The benchmark contract on the European carbon markets rose by 1.4%, to 74.54 euro per metric ton. $1 = 0.8747 Euros (Reporting and editing by Toby Chopra; Forrest Crellin)
(source: Reuters)
