Spot prices rise due to a projected drop in wind energy supply
The European spot power price continued to rise on Tuesday. Wind power is expected to continue to decrease in the region on Wednesday.
LSEG data show that German baseload power for the day ahead rose by 39.8%, to 97.50 Euros ($108.23), per megawatt-hour (MWh), at 0818 GMT.
The French contract, which is equivalent to the English contract, added 42.9% or 85 euros/MWh.
According to LSEG analyst Naser Hachemi, an increase in Germany's residual load, mainly due to lower wind power production, makes Germany a daytime net importer.
He added that the Netherlands and France have a higher residual load, but they are both expected to be net exporters.
The data revealed that the German wind power output will fall by 9.9 gigawatts to 15.9 GW and French supply by 1.9 GW - 3.9 GW.
LSEG data indicates that the supply of German solar panels will drop by 1.2 GW - 5.3 GW this Wednesday.
The French nuclear capacity has increased by two percentage points, to 72%.
No production losses were recorded at EDF's hydro- or nuclear power plants in the morning as a result of the strike.
LSEG data indicates that power consumption in Germany will drop by 530 megawatts to 56.6 GW Wednesday, while French demand should increase 690 MW up to 46 GW.
The German power contract for the year ahead was down by 1.2% to 85.85 Euros/MWh, while the French baseload contract for 2025 was not traded after it closed at 71.65 Euros/MWh on Sunday.
The European CO2 allowances in December 2024 dropped by 1.9%, to 64.30 Euros per metric ton.
Despite increases on the gas markets, the European Carbon market fell on Monday for a second consecutive day, Energi Danmark's analysts stated in an online report. ($1 = 0,9009 euros) Reporting by Forrest Créllin Editing David Goodman
(source: Reuters)
