German contracts benefit from rising gas and carbon prices
German power contracts for the year ahead rose Monday in line with higher gas contracts as well as carbon permits.
The German power price for the year ahead was up 2.5% to 87 Euros ($90.55).
Analysts at Energi Danmark said that the German power market had rebounded sharply after a "massive jump" in gas prices following the Friday meeting between U.S. president Donald Trump and Ukrainian president Volodymyr Zelenskiy, which raised concerns about a possible peace agreement for Ukraine.
The French baseload front-year contract, which hadn't started trading until 1020 GMT on Friday, closed at 63.50 Euros/MWh.
The benchmark contract on the European carbon markets was up by 1.5%, at 72.05 Euros per metric ton.
LSEG data revealed that the German day-ahead electricity price was 110.5 euros/MWh at 0928 GMT. This is a 6% drop from Friday's rate for Monday.
LSEG data shows that the French baseload electricity price for Tuesday is 110.75 Euros/MWh. This represents a 17.8% increase from Friday's price for delivery on Monday.
LSEG data indicated that German wind power production was projected to drop 770 megawatts to 15.0 GW while French output is expected to fall 470 MW down to 2.3 GW.
The French nuclear capacity has fallen by one percentage point, to 78%.
LSEG data revealed that power consumption in Germany will increase by 4.3 GW Tuesday to 60.6 GW. In France, demand is forecast to grow by 610 MW, to 61.3 GW. ($1 = 0.9608 euro) (Reporting and editing by Susan Fenton; Alban Kacher)
(source: Reuters)
