Europe Spot Down as Holiday Weighs on Demand

European spot power prices fell on Thursday with expectations of a drop in electricity demand in Catholic regions observing the Aug. 15 holiday weighing on day-ahead contracts.

German day-ahead baseload for Friday delivery fell 1.4 euros per megawatt-hour (MWh) to 30.10 euros ($40.3).

The equivalent French contract was last unchanged at 15.50 euros per MWh.

French day-ahead was supported by a drop in French nuclear power availability to 69 percent, with outages at EDF's 1,300-MW Cattenom 3 and 1,300-MW Paluel 3 nuclear reactors on Thursday, while the restart of several reactors was delayed.

The loss of supply was more than offset by a drop in power demand for Friday, seen by Thomson Reuters Point Carbon at 3.8 GW in France, as many businesses were due to close on Friday for the Assumption day holiday.

French consumption will stand at 35.6 GW on Friday, 5.6 GW lower than on the same day last week.

In Germany, where Assumption is observed in the states of Bavaria and Saarland, demand was expected to fall by 3.4 GW on Friday to 54 GW.

German solar power output was expected to drop by 890 MW on Friday, according to Point Carbon, while wind power production was seen down 2.2 GW.

Along the forward curve, German baseload power for the year ahead, calendar year 2015, remained unchanged at 35.85 euros per MWh.

The French Cal' 15 contract rose 21 cents to 43.1 euros per MWh.

British gas prices for delivery in winter 2014-15 were up 1.48 percent to 61.90 pence per therm.

Brent crude oil fell below $104 a barrel as a contraction in the German economy underscored sluggish demand in Europe while supply remained strong despite conflict in key exporting countries Iraq and Libya.

EU carbon prices were up 0.32 percent at 6.27 euros per tonne.

(1 US dollar = 0.7467 euro)

(Reporting by Michel Rose, editing by David Evans)