The Monday spot price is boosted by the plummeting wind supply

The German Monday baseload contract increased as the German wind supply was expected to drop by more than 80% compared to Friday's levels. However, the front-week contract was also higher because a rebound in supply is expected later this week.

By 0920 GMT the contract price was 104.75 Euros per Megawatt Hour, a 36% increase from what had been paid on Thursday.

The French equivalent contract was not traded.

LSEG data shows that German wind power production is expected to drop 15.9 gigawatts on Monday to 3.7 GW while French output is expected to drop 3.8 GW from 1.9 GW.

Analysts from Engie’s EnergyScan say that wind generation in Germany will dip on Sunday and then Monday, before quickly rebounding and?then averaging about 15 GW.

They added that the wind conditions in?France? and?Spain? are expected to be relatively calm until mid-nextweek.

The data indicated that the power demand in Germany is expected to drop by 160 megawatts on Monday to 53.4 GW. In France, demand will fall by 1.6 GW and reach 41.4 GW.

The German baseload contract for the week ahead fell by 5.8%, to 77.25 Euros/MWh.

The French nuclear availability increased by two percentage points to 83% as two reactors returned from a?outage.

On the forward market, German baseload for the year ahead fell by 0.1% to 92.55 Euros/MWh.

The French equivalent contract dropped?0.2%, to 54.20 Euros/MWh.

Israel and Lebanon extended their three-week ceasefire at a White House meeting brokered by President Donald Trump. Trump said he would wait until he had "the best deal" in order to end the conflict with Iran.

The benchmark carbon contract on the European market rose 0.6%, to 75.30 euro per metric ton. (Reporting and editing by Joe Bavier; Forrest Crellin)

(source: Reuters)