Tuesday will continue to see high wind energy supply
The European spot baseload electricity prices continued to be low on Monday due to the high wind energy supply in the region. This is a continuation of the growth that has been occurring since last Thursday.
As of 816 GMT on Tuesday, German baseload electricity was not traded at a price of 22 euros per megawatt-hour, down from the Friday closing price of 21 euro.
LSEG data revealed that the equivalent French contract was 20 euros/MWh. The Monday contract was not traded on Friday.
According to LSEG analyst Naser Hahemi, the residual load for Monday in Germany was below zero because of a strong renewable energy supply. On Tuesday, the wind supply increased further, and residual load will be negative most hours.
LSEG data indicated that German wind power production was expected to increase by 2.1 gigawatts on Tuesday to 54.3 GW while French output is projected to fall 5.1 GW down to 7.9 GW.
LSEG data shows that wind power will continue to decline throughout the week. It is expected to drop to 31 GW by Wednesday and Thursday, and then further to 17 GW by Friday.
The French nuclear capacity remained unchanged at 79%.
On Tuesday, power consumption in Germany will rise by 2.1 GW and reach 54.3 GW. In France, demand is expected to increase by 2.3 GW and reach 43.7 GW.
Analysts at Engie’s Energy Scan say that temperatures are near normal, which results in a limited demand for electricity.
LSEG data revealed that the German baseload electricity for the year ahead fell 0.6%, to 86.05 Euros/MWh. The French equivalent dropped 0.5%, to 58.40 Euros.
The benchmark contract on the European carbon markets fell 0.3%, to 75.49 euro per metric ton. $1 = 0.8524 euro (Reporting and editing by Christian Schmollinger; Forrest Crellin)
(source: Reuters)
