January 9, 2018 / 12:05 PM / a year ago

EUROPE POWER-German spot power price soars as wind generation falls

PARIS, Jan 9 (Reuters) - European spot electricity prices for day-ahead delivery diverged on Tuesday as forecasts for a sharp fall in wind power generation lifted the German contract, while increased nuclear power supply and lower consumption weighed in France.

* The German baseload power price for Wednesday delivery soared 11 euros, or 34.65 percent to 42.75 euros ($50.98) a megawatt-hour (MWh).

* The equivalent French contract slipped 1.5 euros, or 3.33 percent, to 43.50 euros/MWh.

* A London-based trader said very mild, warm and windy weather in France, coupled with improved nuclear availability had led to a sharp selloff of French power prices for the first quarter of 2018.

* In Germany, “Wednesday has less wind than today... which explains the price difference,” the trader said.

* German wind power generation is expected to tumble by over 10 gigawatts (GW) day-on-day on Wednesday to 5.6 GW, according to Thomson Reuters data.

* In France, electricity demand is expected to drop by 890 megawatts to 67.6 GW as forecasts show average temperatures rising by 0.8 degree Celsius.

* On the supply side, French wind power availability will rise by nearly 1 GW to over 4 GW on Wednesday. Nuclear power availability is at 93 percent of capacity, with only four out of France’s 58 nuclear reactors offline for maintenance or refuelling.

* Along the forward power curve, the European benchmark, Germany’s year-ahead Cal’ 19 delivery contract added 0.56 percent to 36.15 euros as oil and carbon emission rights rose.

* The equivalent French forward power contract for the coming year was untraded after closing at 41.40 euros/MWh.

* Cif Europe coal for 2019 slipped 0.75 percent to $86.25 a tonne.

* December 2018 expiry carbon emissions permits rose over 1 percent to 7.74 euros a tonne.

* Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015.

* In eastern Europe, Czech day-ahead power was untraded. The Czech year-ahead contract slipped 0.53 percent to 37.20 euros. ($1 = 0.8385 euros) (Reporting by Bate Felix; Editing by Susan Fenton)

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