Oil Report

EUROPE POWER-Spot prices flat as wind power ebbs

PARIS, July 8 (Reuters) - European spot electricity prices for Thursday delivery were flat on Wednesday after opening at a five and half month high on forecasts of a continued decline in wind power generation.

* The price of over-the-counter baseload for Thursday delivery in Germany was flat at 42 euros ($47.40) a megawatt hour (MWh) at 0918 GMT. In opening trade, it rose to 43.50 euros, a highest since Jan. 23 and surpassing Tuesday’s five and half month high.

* The French day-ahead contract was flat at 41 euros/MWh, after opening at the highest level since January 23.

* Electricity generation from German wind turbines is expected to fall by 1.8 gigawatts (GW) day-on-day to 4.25 GW on Thursday, Refinitiv data showed.

* French wind power supply is expected to dip by 180 megawatts (MW) to 1.9 GW, the data showed.

* French nuclear power availability gained 1.5 percentage points on Wednesday to 57.7% as the Cruas 2 reactor restarted.

* On the demand side, power consumption is expected to rise by 1.3 GW in Germany to 53.7 GW on Thursday, and in France by 1 GW to 46.5 GW, Refinitiv data showed.

* Average temperatures in Germany are expected to climb 2.2 degrees Celsius and by 2.3 degrees in France, day on day.

* Along the power curve, year-ahead contracts tracked falling carbon permits and fuel prices.

* Germany’s Cal ‘21 baseload, the European futures benchmark, dropped 2.2% to 42.50 euros/MWh.

* The equivalent French year-ahead contract dipped 0.7% 47.8 euros/MWh.

* December 2020 expiry European CO2 allowances tumbled 3.3% at 28.43 euros a tonne.

* Hard coal for northern European delivery in 2021 fell 1% to $59.10 a tonne.

* A new high-voltage power line under construction between France and Italy suffered extensive delays last month and is expected to enter service in the second half of 2021, French grid operator RTE said on Tuesday. ($1 = 0.8861 euros) (Reporting by Forrest Crellin; Editing by Barbara Lewis)