FRANKFURT (Reuters) - European week-ahead power prices rose sharply on Tuesday morning, boosted by forecasts for colder weather that is likely to push up demand.
The price of the German baseload power contract for the coming week rose by close to 70 percent from the previous session to 43.30 euros ($52.11) per megawatt hour (MWh), while the French equivalent jumped by 60 percent to 60 euros.
Thomson Reuters data showed that demand in Germany is expected to average 68.5 gigawatts (GW) next week, compared with 67.6 GW expected for Tuesday. In temperature-sensitive France, demand is forecast to jump to 71 GW next week from 60.3 GW on Tuesday.
Average temperatures are predicted to fall to 0.6 degrees Celsius in Germany next week from the current 5.2 degrees. In France, they are forecast to fall to 4.1 degrees from 9 degrees.
Reporting by Vera Eckert; Editing by David Goodman