The German wind is downturning and the temperature is dropping.
The European immediate power prices rose on Thursday as a result of the forecasts that German wind production volumes would plummet, and because colder weather is on its way in France.
Riccardo Paraviero, LSEG analyst, said: "Tomorrow’s outlook is bullish. It's backed by falling temperatures in Central Western Europe and a cratering supply of wind power in Germany."
LSEG data show that the German baseload power for the day ahead was 50% higher at 145.5 Euros ($153.40), a record high in two weeks, at 0905 GMT.
The French equivalent contract increased by 9.3% to 114.8 euros/MWh.
LSEG data shows that the German wind power production is expected to fall by almost three quarters on Friday to 9 gigawatts (9 GW), after having been projected to be 37.4 GW Thursday.
The French nuclear capacity has fallen by three percentage points, to 82%.
In Germany, the power demand is expected to fall by 1 GW, to 61.3 GW, before the weekend. However, in France, the power consumption is predicted to rise by 2.3 GW, to 58.3 GW.
Next week, temperatures in both countries are expected to fall by an average of 1 degree.
The German power contract for the year ahead rose 0.2%, to 97.9 Euros/MWh. Meanwhile, the French baseload contract 2025 was not traded after closing at 77 Euros.
The European CO2 allowances in December 2024 fell 0.3% to 68.25 Euro per metric tonne.
A settlement of legal disputes has boosted the share price of German utility Uniper, owned by the German state.
A legal expert has said that the Austrian energy company OMV can legally cancel a contract with Russia's Gazprom for gas supplies until 2040. ($1 = 0,9485 euros) Reporting by Vera Eckert and editing by Kim Coghill
(source: Reuters)
