The local spot price rises with tighter French nuclear supply
Early wholesale trading on Thursday showed that tighter French nuclear supply was boosting domestic prompt prices. However, higher renewable supplies and an easing of demand in the region were giving bearish signals. German day-ahead deliveries were not traded.
Riccardo Paraviero, LSEG analyst, said: "The combination between decreasing demand and increasing wind and solar energy supplies pushes the residual demand to negative territory tomorrow's Central Hours."
The price of French baseload electricity for Friday was 47.5 euros ($55.36 per megawatt-hour) at 8am GMT, which is 21.8% higher than the previous night.
After closing at 90 Euros/MWh the equivalent German contract wasn't traded, a clear premium to France.
The availability of French nuclear reactors dropped by two percentage points over night to 73%.
LSEG data revealed that the German wind power output is expected to increase by 7.6 Gigawatts on Friday to 19.1 GW, while French and German solar production are set to add a total of 3.7 GW.
The power usage dropped, due to the weak demand before the weekend. Germany's power usage was expected to drop by 1.4 GW per day to 50.8 GW and France's by 600 MW daily to 40.7 GW.
The German baseload for the year ahead was up by 0.8% to 84.4 euros/MWh. The French contract was not traded, after closing at 60.7 Euros.
The benchmark contract on the European carbon markets increased by 0.2% to 71.4 Euros per ton.
The oil prices continued to rise, supported by strong signs of demand in the U.S. and uncertainty about efforts to end war in Ukraine.
(source: Reuters)
