Demand for Spots drops as public holidays approach
The European power price fell on Thursday ahead of All Saints Day in some parts of the region, which falls on November 1. This added to the expectation of a weaker demand for the weekend.
Data from LSEG's utility EDF and LSEG showed that the supply of solar and wind electricity is expected to grow, while nuclear power availability will remain flat.
French baseload electricity for Friday delivery fell by 30.2%, to 63.5 Euros ($68.95/MWh) by 8:20 GMT.
The German baseload for the day ahead was down 40.1% at 61.3 Euro/MWh.
The power consumption in Germany is expected to drop by 7.3 gigawatts to 48.8 GW this Friday due to the closure of industrial states in the south and west, which account for most energy demand.
The French power demand is expected to drop to 53 GW, from 45.6 GW during the same period when the holiday is across the country.
The German wind power production is expected to double from 16 GW to 21.9GW per day.
On Friday, solar production in Germany and France will likely increase by 2 GW to 6.9 GW.
The French nuclear capacity remained unchanged at 78%.
The German 2025 baseload power contract is down 1.1% at 70.6 Euros, while it was down 0.9% for the French.
The European CO2 allowances in December 2024 fell 0.3% to 65.29 Euros per metric tonne.
The earnings season continues. Swedish utility Vattenfall announced a net profit for the third quarter of 2.1 billion Swedish Crowns, compared to a loss of 2,61 billion Swedish Crowns a year ago.
Vattenfall, with significant activities outside of its Swedish base in Germany, has cited increased prices and increased electricity generation. Vera Eckert and Barbara Lewis, reporting by Vera Eckert.
(source: Reuters)
