June 20, 2018 / 10:07 AM / 10 months ago

EUROPE POWER-Prompt prices plummet on higher German wind power supply

FRANKFURT, June 20 (Reuters) - European spot power prices on Wednesday fell sharply on forecasts for rising German wind power supply volumes, while demand for electricity was flat.

* “The wind surge comes earlier than expected and overrides the impact of the strike stories out of France,” one trader said.

* French utility workers said on Tuesday they would embark on 10-day strike action over economic reform plans. French grid data showed no dip in output on Tuesday however, with the only tangible news in the nuclear sector a planned load cut at Cruas 2 by a third of capacity.

* The price of German baseload power for Thursday was down 25.1 percent at 34.2 euros ($39.56) a megawatt hour (MWh).

* French day-ahead baseload was off 12.7 percent at 40.75 euros.

* Thomson Reuters data showed German wind power output was likely to more than double to 17.9 gigawatts (GW) on Thursday from 6.3 GW expected for Wednesday.

* It could hit 24 GW on Friday but afterwards range between 4.9 and 9.2 GW each day over the next fortnight.

* Power demand is meanwhile stable at 109.3 GW in both markets put together, but likely to drop to a daily average of 103 GW next week when holidays start in parts of Germany.

* Power forwards dipped with coal, despite gains in related carbon, gas and oil prices.

* Germany’s Cal’19 baseload contract, the European curve benchmark, shed 0.1 percent to 41.45 euros/MWh and the contract’s French equivalent did not trade after a 46.6 euros close.

* Benchmark European AP12 coal for 2019 lost 0.6 percent to $88 a tonne.

* European carbon permits for December 2018 expiry gained 1.8 percent to 14.50 euros a tonne.

* In eastern Europe, the Czech day-ahead contract was down 26.1 percent at 36.75 euros. Czech year-ahead power did not trade after a 43.05 euros close.

* The EEX bourse said it will cooperate with Slovenian peer BSP SouthPool from first quarter 2019, trading euro-denominated Slovenian futures with financial settlement on its platforms. The small country is pivotal for cross-border power trading with Italy and Hungary. ($1 = 0.8645 euros) (Reporting by Vera Eckert Editing by Jan Harvey)

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