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UPDATE 1-Iberian spot power drops as wind power seen rising
March 7, 2011 / 5:29 PM / 7 years ago

UPDATE 1-Iberian spot power drops as wind power seen rising

* Iberia day-ahead base 47.04 euros/MWh, down 2.68 euros

* Day-ahead seen lower on Tuesday

* Cal-12 52.00/52.10 euros/MWh

(Adds OTC dealing)

MADRID, March 7 (Reuters) - Iberian spot wholesale power prices fell on Monday, after trading in a narrow range for five days, because supplies of cheap wind power were forecast to increase sharply.

Omel, the spot branch of the Iberian Electricity Market (Mibel), fixed the day-ahead “pool” price at 47.04 euros ($65.96) per megawatt-hour, dropping from 49.78 euros/MWh on Sunday.

The pool -- a benchmark for over-the-counter dealing -- was bound within a range of 49.01-49.72 euros/MWh between Wednesday and Sunday.

National grid operator REE (REE.MC) forecast output from Spanish wind farms -- the world’s fourth-largest -- would rise to a maximum of 9,400 megawatts on Tuesday from 5,124 MW on Monday afternoon.

Wednesday power traded at 49.25 euros/MWh in the OTC market, indicating traders expected the day-ahead price to rise on Tuesday, which is in line with producers’ expectations that wind power will slump on Wednesday.

Also in OTC dealing, the benchmark calendar-year 2012 forwards contract was quoted at 52.00/52.10 euros/MWh, compared to deals closed at 51.45 euros on Friday.

Data from REE and nuclear watchdog CSN showed that seven of Spain’s eight nuclear power stations were running as normal and generating 6,367 MW in all, equivalent to 19.4 percent of Spanish demand.

The 1,000 MW Vandellos nuclear plant is currently refuelling and due back on line in mid-March. (Reporting by Martin Roberts; editing by Jason Neely)

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