German wind energy supply expected to plummet Wednesday

The French baseload contract fell on Tuesday due to the anticipated return of two reactors. However, the German contract is expected to increase because there will be a decrease in wind power.

LSEG data shows that the French day-ahead power?contract fell 2.3% to 87 euros ($102.61 per megawatt hour) at 1002 GMT. The German contract was not traded.

LSEG data shows that German wind power production is expected to drop by 12.1 gigawatts on Wednesday to 26.4 GW. French wind power will be projected to?dip 470 megawatts at 8.8 GW.

Naser Hashemi, LSEG analyst, says that Wednesday's wind power output is expected to be lower than Tuesday.

LSEG data revealed that power consumption in 'Germany' is expected to drop by 860 MW on Wednesday to 66.9 GW. In France, the demand is predicted to increase by 1.3 GW for a total of 63.9 GW.

The French nuclear capacity was unchanged at 86%, as the restart of Flamanville 1 was delayed another day. The restart is now anticipated to take place?on Tuesday.

The German baseload price for the year ahead was 0.2% lower at 83.80 Euros/MWh. This is due to the drop in gas prices. On Friday, the French equivalent rose 0.1% to 49.80 Euros/MWh.

The benchmark British and Dutch wholesale gas prices dropped on Tuesday as warmer temperatures were expected, reducing demand. This was followed by the market as it 'followed the plummeting price in the U.S.

Massoud Suleman, Chairman of the National Oil Corporation, said that Libya will increase its natural gas production over the next five to six years in order to export more to Europe before early 2030.

The benchmark contract on the European carbon markets rose by 0.3%, to 83.40 euro per metric ton. $1 = 0.8479 Euros (Reporting and editing by Alexander Smith; Forrest Crellin)

(source: Reuters)