FRANKFURT, Oct 18 (Reuters) - French forward power prices rallied on Tuesday on concern about further reactor downtime in coming months, which could tighten supplies in winter.
First quarter French baseload power was up 5.9 percent at 67 euros ($74) a megawatt hour, while French Cal ‘17 baseload power for next year delivery, was up 4.9 percent at 43 euros.
Traders said market participants were factoring in the risk of more reactors not being started up again for the first quarter, ahead of firmer news about the situation.
“People are betting on delays of the (nuclear plant) inspection, so first quarter ‘17 is well bid,” one said.
French state utility EDF will have to shut down power production at five more of its nuclear reactors at the request of safety authorities, according to a report by Challenges magazine.
$1 = 0.9106 euros Reporting by Vera Eckert and Oleg Vukmanovic; Editing by Mark Potter