Prices to rise on Monday due to wind power

European electricity prices will likely fall dramatically on Monday as wind power production is expected to increase in Germany and other parts of the region.

LSEG data revealed that German -and French Monday baseload electricity contracts were not traded by?0859 GMT Friday.

LSEG data shows that German wind power production is expected to increase by 12.3 gigawatts on Monday to 21.1 GW. French wind power is also projected to grow from 6.7 GW up to 9.7 GW.

LSEG analyst Xiulan said: "Monday's outlook is negative, due to the abundance of wind across the region."

LSEG data indicated that the residual load in Germany will fall?by 12.7 GW and reach 36.3 GW while France should record a 'loss of 5.9 GW at 46.2 GW.

LSEG data shows that power consumption in Germany will increase by 110 megawatts to 60.7 GW while French demand will rise by 780 MW, to 57.4 GW.

The French nuclear energy availability is flat at 87%.

The French baseload for the year ahead was up by?0.3% at 49 euros ($57.49). In contrast, the German equivalent has not yet started trading following a close of 84.15 euro/MWh last Thursday.

A spokesperson for Engie stated that the EU's power grids package, which was unveiled on Tuesday, included a requirement for Europe to quickly develop and deploy a resilient and fully digitalised energy infrastructure.

They said that "planning the future energy system is critical to direct investments to where they will create the greatest value and be most needed to help support the energy transformation."

The benchmark contract on the European carbon markets was down by 0.2%, at 83.72 Euros per metric ton.

(source: Reuters)