EUROPE POWER-Carbon, coal and gas rally boosts year-ahead power contracts

PARIS, June 5 (Reuters) - European electricity contracts for year-ahead delivery extended gains on Tuesday, boosted by a rally in coal, gas, oil and carbon emissions prices, with the EU emission contract for December hitting a new seven-year high.

* Continued gains on coal, gas and emissions is fuelling the rally in the forward power prices, a trader said.

* The German year-ahead baseload power price for 2019 delivery , the European benchmark, gained nearly 2.3 percent to 42.25 euros ($49.31) a megawatt-hour (MWh), nearing a contract high of 43.30 euros/MWh.

* The equivalent French contract hit 47 euros/MWh, up 1.7 percent.

* Contracts for 2020 delivery also extended gains. The French Cal’20 rose 1.8 percent to 43.40 euros/MWh. The German 2020 delivery price was up 1.5 percent at 39.70 euros.

* European carbon for December 2018 expiry, which power generation operators must hold for their carbon emissions, was up 2.2 percent at 16.50 euros a tonne.

* The European Union sold 4.213 million spot EU carbon permits on EEX at 16.35 euros a tonne each on Tuesday.

* Benchmark European AP12 coal for 2019 gained 0.6 percent to $89.30 a tonne.

* Prices for day-ahead delivery rose, buoyed by slightly firmer demand and lower nuclear, solar and wind power supply in France and lower thermal availability in Germany.

* The German baseload contract for Wednesday delivery gained 3.4 percent to 52 euros/MWh.

* The French equivalent contract for Wednesday delivery was up nearly 5 percent at 52.40 euros/MWh.

* French available nuclear capacity, which accounts for over 75 percent of its electricity needs, fell to 68.3 percent of capacity from 71.2 percent on Monday.

* French wind power supply is expected to drop by 540 megawatts (MW) day-on-day on Wednesday to around 2 gigawatts (GW), according to Thomson Reuters data. Solar power supply will decrease by 320 MW to just under 1 GW during the same period.

* In eastern Europe, the Czech Wednesday position was untraded at its 50.75 euros/MWh close, likewise the Czech Cal’19 at 42.75 euros/MWh. ($1 = 0.8548 euros) (Reporting by Bate Felix, editing by David Evans)