CEE Day Ahead Gains on Low Wind, Hungarian Spot Premium Remains
Central European day ahead power rose on Monday, boosted by forecasts for low wind generation levels while outages in the Balkans helped to keep Hungarian prices at a premium, traders said.
On regional exchanges, Czech and Slovak electricity for Tuesday rose more than 7 percent to 38.77 euros ($52.90) per megawatt hour while Hungarian day ahead rose more than 14 percent to 42.23 euros on the HUPX exchange.
Demand from the Balkans - where recent floods have knocked out a number of power plants - supported Hungarian prices as low wind production levels offset healthy solar output throughout the central European region.
Data from Thomson Reuters Point Carbon showed forecasts for wind generation in Germany creeping slightly higher to 879 megawatts while solar production was pegged to remain steady around 7.4 gigawatts.
Further along the curve, the Czech and Hungarian front month contracts held steady at 31.50 euros and 44.50 euros, respectively, in over-the-counter trade.
On the Prague-based Power Exchange Central Europe, the Czech Cal '15 contract fell 20 cents to 33.50 euros and the Hungarian front year also lost 20 cents in falling to 42.75 euros.
Around the region, the benchmark German Cal '15 fell 15 cents to 34.25 euros on Germany's EEX exchange in afternoon trade. Day-ahead on Poland's POLPX rose to 193.66 zlotys ($63.91)from 184.52 zlotys.
Russia's Gazprom gave Ukraine an extension into next week to resolve a gas price dispute at the heart of the two countries' confrontation, a day before Moscow was due to switch off the gas unless Kiev paid in advance.
The outage of Bosnia's 300-megawatt (MW) Ugljevik coal-fired power plant has been extended from June 1 to June 4, its technical manager said.
Brent crude oil futures fell below $109 a barrel, weighed down by a stronger dollar and recent data showing ample output.
European Union carbon futures rose 6 cents to 5.16 euros a tonne in afternoon trading.
($1 = 0.7328 Euros) ($1 = 3.0303 Polish Zlotys)
(Reporting by Michael Kahn; Editing by Susan Thomas)
