German contract not traded

French spot prices rose Tuesday for the Wednesday session, and forecasts indicated a mixed output of renewables in Germany.

LSEG data shows that the French baseload rate for the day was 93.5 euros ($100.97 per megawatt-hour) at 0958 GMT. This is a 2.8% increase.

The data revealed that German day-ahead electricity had not yet begun trading at the time, despite closing on Monday at 108.75 Euros/MWh.

LSEG data revealed that on the supply side Germany expected wind output to increase by 2.2 gigawatts to 13.3 GW, while French output was predicted to grow 620 megawatts to 3.2 GW, day-to-day.

According to LSEG analyst Naser Hachemi, the increase in German wind energy production is offset with a decrease of 2.5 GWh/h in solar power supply and increased consumption. This results in a slightly higher residual load for Germany.

The French nuclear capacity has increased by 2 percentage points, to 76%.

LSEG data shows that the German demand for power is expected to increase by 450 MW on Wednesday to 57.6 GW. In France, however, it is forecast to decrease by 160 MW, to 52.2 GW.

The German baseload contract for the year ahead was down 0.4% to 85.60 Euro/MWh due to lower gas and carbon costs.

By that time, the French year-ahead contract, which closed on Monday at 64.10 Euro/MWh, had yet to begin trading.

The benchmark contract for 2025 on the European carbon market fell by 0.6%, to 70.78 euro per metric tonne. $1 = 0.9260 Euros (Reporting and editing by Shailesh Kumar)

(source: Reuters)