August 15, 2019 / 12:47 PM / a month ago

EUROPE POWER-Day-ahead prices rise as demand set to rebound after public holiday

FRANKFURT, Aug 15 (Reuters) - An expected rebound in power demand after a holiday in parts of western Europe lifted day-ahead wholesale electricity prices on Thursday, while a fall in German wind power supply also underpinned the market.

* German over-the-counter baseload for day-ahead delivery traded at 35.4 euros ($40) a megawatt hour (MWh) in the early afternoon, up 12.2% on the day.

* The contract’s French equivalent was 50% higher at 30 euros in anticipation Friday would be a working day, even though it falls between the Assumption Day holiday on Thursday and the weekend.

* Refinitiv Eikon data showed German wind turbine production may fall to 9 gigawatts (GW) on Friday from 15 GW on Thursday.

* In the French nuclear sector, reactor availability fell to 63.2% from 66.01% of the maximum a day earlier.

* On the demand side, power usage for the day ahead was seen easing by 300 MW in Germany but rising 700 MW in France. Temperatures are due to increase slightly day-on-day and remain stable in Germany.

* Along the forward power curve, German year-ahead baseload power , the European benchmark, was 0.5% lower at 48.5 euros, tracking weaker fuels and carbon.

* There are fears of recession in Germany, Europe’s biggest manufacturing economy, which would depress power consumption by energy-intensive companies driving the country’s exports.

* The equivalent French year-ahead power contract was up 0.9% at 51.4 euros.

* The price of European CO2 permits for December 2019 fell 2.1% to 26.34 euros a tonne.

* Hard coal for northern European delivery in 2020 was indicated at $64.4-$64.7 a tonne after closing at $65.2.

* In eastern Europe, Czech day-ahead baseload more than doubled to 36 euros after a settlement of 15.5 euros a day earlier. Czech 2020 delivery baseload was down 0.6% at 51.2 euros. ($1 = 0.8972 euros) (Reporting by Vera Eckert; Editing by Susan Fenton)

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