Gas prices drop and forward contracts are cancelled
On Monday, European spot prices rose for Tuesday. The wind supply in Germany is expected to drop to less than half the levels of Friday while demand has increased in many countries across the region.
LSEG data shows that the German day-ahead electricity price was 143 euros ($149.79 per megawatt hour (MWh), up 61.6% on Friday's rate for Monday.
LSEG data shows that the French baseload electricity for Tuesday is 106 euros/MWh. This is 71% more than what was paid on Friday, for delivery Monday.
LSEG data shows that German wind power production is expected to drop by 16.5 gigawatts to 11.5 GW while French output is projected to fall 1.4 GW at 7.6 GW.
The French nuclear capacity has fallen by one percentage point, to 79%.
LSEG data shows that power consumption in Germany will increase by 1.7 GW Tuesday to 61.6 GW. In France, demand is expected to grow by 2.5 GW up to 56.3 GW.
The German power price for the year ahead was down 0.6% to 87 Euro/MWh.
The French baseload contract for the front year fell by 2.3% on Friday to 64.75 Euros/MWh.
The benchmark contract on the European carbon markets was down by 1.5%, at 72.76 Euros per metric ton.
A draft proposal by the European Commission showed that the Commission would propose to exempt "the vast majority of" companies from the EU's Carbon Border Levy because they only produce 1% of the emissions under the scheme. $1 = 0.9547 euro (Reporting and editing by David Goodman, Tasim Zahid).
(source: Reuters)
