Iberia prices rebound as gale-force winds ease

Wed Apr 25, 2012 10:40am EDT

Related Topics

* Spain day-ahead base 39.46 eur/MWh, up 17.40 eur

* Storm warnings issued for Wednesday

* 1,000 MW nuclear plant at 65 pct capacity

MADRID, April 25 (Reuters) - Iberian benchmark power prices rose sharply on Wednesday after diving to two-year lows in the previous session due to forecasts gale-force winds would recede and make coal- and gas-burning generators work harder.

National grid operator REE predicted wind power in Spain would drop to as little as 3,600 megawatts on Thursday from 13,554 on Wednesday afternoon.

Spain's Met Office issued storm warnings for much of the country's northern half on Wednesday, a factor which forced the day-ahead "pool" price fixed on Tuesday down to its lowest since April 2010.

OMIE, the Iberian Electricity Market (Mibel), fixed the widely watched "pool" price for Thursday at 39.46 euros ($52.10) per megawatt-hour, up from 22.06 euros set on Tuesday for Wednesday.

Seven of Spain's eight nuclear power stations were working normally and generating 7,134 MW in total, or 19 percent of overall demand, according to data from REE and the CSN safety regulator.

The 1,000 MW Asco I nuclear plant has been running at about 65 percent of capacity since Monday due to maintenance work. ($1 = 0.7574 euros) (Reporting by Martin Roberts, editing by William Hardy)

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