Winds, Lower Demand Pressure Spot Prices
Strong winds and lower demand ahead of the Christmas holiday slashed Czech and Slovak prompt power prices on Friday, while Hungary and Romania remained at a regional premium, traders said.
Czech and Slovak day ahead power more than halved to 11.61 euros ($14) per megawatt-hour.
"Strong wind supply from Germany and pre-holiday demand are dragging down prices," a trader said.
Hungarian and Romanian day ahead power rose more than 7 percent to 38.02 euros but few contracts changed hands through the exchanges. "This price is rather speculative," one trader said. More trading was carried out on the over-the-counter market where Hungarian spot dipped 15 euros to 28.00 euros.
Data from Thomson Reuters Point Carbon showed wind generation in Germany jumping by 3.5 gigawatts (GW) to 25 GW on Saturday.
"High levels of wind power production is expected on Monday as well," its analyst wrote in a daily report.
Czech power for delivery on Monday traded at 16.00 euros, or 7.25 euros down from what was paid for Friday, in over-the-counter trade.
Czech electricity producer CEZ said it would disconnect the over 1,000 MW Unit 1 at the Temelin nuclear power station for several days starting on Dec. 26.
Further along the curve, Czech power for delivery next month lost 29 cents to 36.60 euros and the Hungarian equivalent fell 15 cents to 45.65 euros. The Czech front year contract shed 13 cents to 34.08 euros.
Around the region, the benchmark German Cal '15 contract fell 26 cents to 34.24 euros in afternoon trade on Germany's European Energy Exchange (EEX), tracking coal lower and mixed gas prices, traders said.
Day-ahead power on Poland's POLPX exchange fell to 130.26 zlotys ($38) from 152.25 zlotys.
The restart of a 348 MW unit at Serbia's Kostolac B coal-fired power plant has been delayed further until Dec. 25.
Brent crude oil rose above $60 a barrel, rallying from near a 5-1/2-year low as investors squared books ahead of the year-end festive break after six months of falling prices.
EU carbon futures gained 3 cents to 7.15 euros a tonne in afternoon trading.
Reporting by Maja Zuvela
