The afternoon session saw a reduction in gains due to nuclear-related factors
European power forwards retreated from their early gains Wednesday on concerns about possible corrosion of the French reactor Civaux 2. However, prices were still significantly higher than previous closing levels.
ASNR later stated that further testing is required. An EDF spokesperson confirmed an inspection at Civaux 2 was underway as part of the annual maintenance. The utility has not yet received the results.
By 1405 GMT, the French baseload power for the year ahead was up 5.1% to 66 euros ($75.74). It had previously reached a four-month-high of 68.20 euro/MWh.
The German baseload for the year ahead was up by 2.7% to 89.20 Euros/MWh, after reaching a high of 89.70 Euros/MWh in two weeks.
On the spot market, a combination of a slightly lower demand and a rise in solar energy generation pushed prices down.
The French baseload for the day ahead was down 7.1% to 26 euros/MWh, while German baseload on Thursday was down 8.6% to 63.30 Euros.
LSEG data shows that the German wind power production is expected to drop by 2.4 gigawatts per day, to 12.5 GW for Thursday.
The German solar power generation is expected to increase by 3 GW, to 20.8 GW.
The combined consumption of power in Europe is expected to be slightly lower.
The temperature was expected to increase between 1 and 2,7 degrees Celsius until Thursday.
On related markets, European carbon prices rose by 2.4% and reached 74.37 euro per metric ton. European gas prices were also higher. $1 = 0.8715 Euros (Reporting and Editing by Mark Potter, David Goodman and Vera Eckert)
(source: Reuters)
