Easing Wind, Cold Push Spot Prices Higher

Forecasts for cold weather and lower wind generation levels pushed Czech, Slovak and Hungarian European power prices higher on Monday, traders said.

On regional exchanges, Czech, Slovak and Hungarian electricity for Tuesday rose a little more than 13 percent to 50.61 euros ($62) per megawatt hour as temperatures around freezing also helped support prices.

Data from Thomson Reuters Point Carbon showed forecasts for wind generation in Germany falling 2.5 gigawatts for Tuesday to 4.5 gigawatts with solar output pegged at 1 gigawatt.

Further along the curve, the Czech front month eased 55 cents to 35.85 euros and Hungarian delivery for January shed 30 cents to 46.05 euros in the over-the-counter market.

The Czech Cal '15 fell 22 cents to 34.33 euros and the Hungarian front year declined 5 cents to 43.10 euros in over-the-counter trade.

Around the region, the benchmark German Cal '15 contract dipped 21 cents to 34.65 euros in afternoon trade on Germany's EEX exchange.

Ukraine's gas transport monopoly Ukrtransgaz said Russia would resume supplies of natural gas on Dec. 11 after a six-month gap due to a dispute over prices and unpaid debts.

Day ahead on Poland's POLPX exchange rose to 230.88 zlotys ($68) from 211.65 zlotys as bourse data showed power plant outages were expected to fall to 4.3 gigawatts for Tuesday from 5.6 gigawatts.

Brent crude oil fell more than $2 a barrel to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.

EU carbon futures held steady at 6.66 euros a tonne in afternoon trading.

Reporting by Michael Kahn