German spot prices rise on declining wind production
On Monday, the German baseload contract increased due to a lower supply of wind power and an increase in demand. In contrast, opposite trends are expected for?the nearby regions.
LSEG data shows that the German day-ahead power contract was up?25.2% to 135.50 Euros ($160.62 per megawatt hour) at 0911 GMT.
LSEG analyst Xiulan he said that a lower wind speed and higher demand in Germany will send a bullish message. Residual load will remain high until?early evening, when it is expected to start to decrease.
The picture changes in the rest region where the increasing?winds and the declining residual loads point to a more bearish scenario, they said.
The equivalent French contract was down 3.5%, at 97.50 Euros/MWh.
LSEG data shows that German wind power production is expected to drop by?6.1 gigawatts to 15.7 GW on Monday, while French wind generation is projected by 6.9 GW at 12.1 GW.
LSEG data shows that power consumption in Germany will increase by 1.3 GW and reach 68.4 GW by Monday, while French demand should drop by 680 Megawatts, to 65.5 GW.
The French nuclear power availability increased by two percentage points, to 90% of the total capacity.
On?Friday, the German baseload price for the year ahead was down by 0.6% to 86.12 Euros/MWh. The equivalent French price, however, fell by 1.4% to 50.25 Euros/MWh.
The European Union gave its final approval on Monday to the bloc’s plan to ban Russian gas imports until late 2027. This will allow it to become law.
The benchmark contract on the European carbon markets increased by 0.1%, to 88.50 euro per metric ton. $1 = 0.8436 Euros (Reporting and Editing by Emelia S. Sithole-Matarise).
(source: Reuters)
