Spot prices are affected by the increased supply of wind and nuclear energy

The European power price fell on Wednesday, as the availability of nuclear and wind generation increased while demand was flat.

The LSEG analysis concluded that the thermal capacity was higher and that exports from Germany, the main producer, were indicated for tomorrow.

LSEG data shows that the French baseload price for Thursday's delivery was 66 euros ($76.97), down 17.5% on its previous close.

The German equivalent day-ahead contract fell 7.9% to 83 Euro/MWh.

German wind production is expected to increase to 35.2 GW per day from 30.7 GW.

Overnight, the French nuclear capacity increased by three percentage points to 74%.

DWD, the German Meteorological Office, says that low pressure fronts will bring cool, windy and rainy conditions up to Friday.

On the demand-side, Germany's power consumption is expected to drop by 600 MW on Thursday to reach 59.3GW, while France will add 500 MW, bringing it to 51.0GW.

The German baseload for the year ahead was up 0.3% at 87.3 Euro/MWh.

After closing at 55,2 euros/MWh, the same French position for the year ahead was not traded.

The benchmark contract for the European carbon market in 2025 was up 0.3%, at 78.56 euro per metric ton.

The oil price rose amid optimism about a meeting of leaders from the U.S., China and other countries. It had fallen by 2% Tuesday due to the U.S. sanctions on Russian energy companies as well as an OPEC+ production plan.

The German Federal Audit Office said Tuesday that Germany's national hydrogen strategy falls short of its goals, and called for a correction.

In the coming weeks, the European Union will begin pooling gas demands from European companies, said its energy commissioner, as it attempts to accelerate efforts to phase out Russian fuel. The price of $1 is 0.8575 euro. (Reporting and editing by Joe Bavier, Vera Eckert)

(source: Reuters)