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Energy

EUROPE POWER-Increased wind power supply weighs on spot prices

PARIS, Aug 24 (Reuters) - Prompt power prices dipped in the European wholesale market on Monday, with wind power supply forecast to rise in Germany and France.

* The price of over-the-counter baseload power for Tuesday delivery in Germany was at 37.25 euros ($44.06) per megawatt hour (MWh) at 0949 GMT, down 4.5% from the price paid for Monday.

* The equivalent French day-ahead contract shed 3.2% to 38.25 euros/MWh.

* Electricity generation from German wind turbines is expected to rise by 1.2 gigawatts (GW) to 9.6 GW on Tuesday, Refinitiv Eikon data showed.

* German solar power production is forecast to tick up by 480 megawatts (MW) to 7.1 GW day on day.

* Wind power supply in France is expected to add 2.7 GW to 4.7 GW, the data showed.

* French nuclear power availability dipped by 2.9 percentage points to 58.3% of maximum installed capacity.

* Low flow rates on the Meuse River in northern France have restricted output since Friday at EDF’s Chooz nuclear plant, with both reactors offline, French grid operator RTE said.

* Power consumption is expected to rise in Germany by 1.65 GW day on day to 54.7 GW on Tuesday. In France, power consumption is forecast to increase by 1.2 GW to 43 GW, Refinitiv data also showed.

* On the week-ahead curve, the German price for delivery next Monday rose 9.4% to a two-week high of 34.30 euros/MWh. The French price gained 3.5% to 37.25 euros/MWh, its highest in more than two weeks.

* Along the forward curve, Germany’s Cal ‘21, the European futures benchmark, rose 2.6% to 40 euros/MWh, tracking carbon permits and gas and oil prices.

* The equivalent French year-ahead contract was untraded after closing at 44.90 euros/MWh on Friday.

* December 2020 expiry European CO2 allowances jumped 4% to 26.67 euros a tonne.

* Hard coal for northern European delivery in 2021 dipped 0.3% to $53.35 a tonne on Friday. ($1 = 0.8455 euros) (Reporting by Forrest Crellin Editing by David Goodman )

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