March 24, 2020 / 10:13 AM / 12 days ago

EUROPE POWER-Spot rises on German fundamentals, curve rebounds

FRANKFURT, March 24 (Reuters) - Spot electricity prices for the day-ahead rose from low levels on Tuesday as lower wind supply and rising demand in Germany led the way, while forwards also rebounded, tracking firmer carbon and coal.

* German day-ahead baseload jumped 12.7% on the day to 21.8 euros ($23.65) a megawatt hour (MWh) while the equivalent French price was 9.2% up at 21.3 euros at 1000 GMT.

* German wind power output will likely fall by 1.5 gigawatts (GW) on the day to 15.4 GW on Wednesday, Eikon Refinitiv data showed.

* French nuclear capacity availability remained at 69.1% of the maximum installed total.

* Demand projections were mixed with Germany’s seen rising by 1 GW to 69.1 GW and that in France falling 1 GW to 57.2 GW, but remained relatively high for the time of year.

* Temperatures are chilly across the region in low digit Celsius degrees in a late winter snap bringing cold polar air and night frosts.

* Especially the French power market tends to be exposed to low temperatures as many households rely on electric heaters.

* Power curve prices edged up after hitting up to two-year lows the day before on concerns about industrial demand amid the coronavirus crisis.

* Germany’s Cal ‘21 year-ahead baseload contract, Europe’s benchmark, gained 2.2% to 34.8 euros/MWh.

* The equivalent French year-ahead contract stood 2.8% higher at 38.9 euros.

* December 2020 expiry European CO2 allowances were 5% up at 16.2 euros a tonne.

* Hard coal for northern European delivery in 2021 was 1.4% higher at $55.9 a tonne.

* In eastern Europe, Czech Wednesday baseload was untraded after the previous close at 25.5 euros. Year-ahead power was untraded after a settlement at 39.5 euros.

* The coronavirus has driven Germany’s service sector into a record contraction, a survey showed. The German government expects the economy to shrink by around 5% this year. ($1 = 0.9217 euros) (Reporting by Vera Eckert; Editing by Susan Fenton)

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