German spot prices are affected by the sharp increase in wind power supply
On Wednesday, the German baseload contract fell on a forecast for a sharp increase in wind energy supply. The French contract rose on a slight rise in demand.
LSEG data shows that the German baseload day-ahead power contract dropped 17.6% at 0850 GMT to 91.50 Euros ($108.29 per megawatt hour). The French equivalent contract increased 0.6% to 41 Euro/MWh.
LSEG data revealed that German wind 'power output will surge by 17.4 Gigawatts on Wednesday to 27.6 GW. Meanwhile, French wind power production is projected to increase 270 Megawatts, to 12.6 GW.
LSEG data shows that power consumption in Germany will increase by 2.3 GW this Wednesday to 65.9 GW. In France, demand is forecast to rise by 810 MW, to 62.7 GW.
The end of the week will still be cool. Analysts at Engie’s EnergyScan?stated that temperatures are forecast to be 3 to 4 degrees Celsius above average for the weekend and next week.
The French nuclear availability increased by two percentage points, to 90%, as the planned outage at Cruas 2 was completed.
The German baseload contract for the year ahead was down by 0.1% to 76.50 Euros/MWh. However, the French equivalent was not traded after closing at 49.80 Euros/MWh last Tuesday.
The benchmark contract on the European carbon markets fell by 1.8%, to 68.83 euro per metric ton. $1 = 0.8450 Euros (Reporting and Editing by Emelia S. Sithole-Matarise).
(source: Reuters)
