EUROPE POWER Forward curve sets contract highs over gas questions

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Wind power stations of German utility RWE, one of Europe's biggest electricity companies are pictured in front of RWE's brown coal fired power plants of Neurath near Jackerath, north-west of Cologne, Germany, March 18, 2022. REUTERS/Wolfgang Rattay

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PARIS, July 6 (Reuters) - European forward curve power prices reached contract highs on Wednesday as the German labour union Verdi called for Berlin to step in quickly to rescue utility Uniper, and Germany said there are no plans to pass on higher energy costs to consumers. read more

In France, the government is aiming for a full nationalisation of debt-laden utility EDF (EDF.PA), Prime Minister Elizabeth Borne said. read more

Benchmark German baseload power for 2023 delivery gained 1.7% to 327 euros per megawatt hour (MWh) by 1351 GMT, after reaching a contract high of 330 euros earlier.

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The French 2022 fourth-quarter contract and the August 2022 contract reached contract highs at 815 euros and 402 euros, respectively.

The French front-year contract was untraded after closing at a contract high of 444.13 euros/MWh Tuesday.

European CO2 allowances for December 2022 expiry rose 1.4% to 84.40 euros a tonne.

The European Parliament voted in favour of EU rules labelling investments in gas and nuclear power plants as climate friendly. Austria's climate protection minister said the country will bring legal action against the decision. read more

Austria is following through on a "use it or lose it" threat to eject Russia's Gazprom (GAZP.MM) from its large Haidach gas storage facility for systematically failing to fill its portion of the capacity there, the government said. read more

On the spot side, prices fell on an expectation of more wind power Thursday.

The German Thursday baseload dropped 30% to 212 euros/MWh.

The equivalent French price shed 13% to 348 euros/MWh.

Daily wind power output in Germany was forecast to rise 11.3 gigawatts (GW) day-on-day to 21.8 GW on Thursday, while in France it is expected to gain 1.5 GW to 4.8 GW, Refinitiv Eikon data showed.

Consumption in Germany was seen adding 140 MW to 58.5 GW on Thursday, while demand in France was expected to add 570 MW to 46.2 GW.

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Reporting by Forrest Crellin; Editing by Krishna Chandra Eluri

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