June 26, 2018 / 9:35 AM / 21 days ago

EUROPE POWER-Prompt prices converge with Germany up, France down

FRANKFURT, June 26 (Reuters) - European prompt power prices on Tuesday converged in the main markets, with Germany posting gains on a lower than expected wind output while French prices were down in overall bearish conditions.

* Traders said temperatures were rising but still short of levels where air conditioning demand soars, while the impact of holidays weighed on consumption prospects for the coming weeks.

* Broker Marex Spectron in a note said wind supply was tighter and solar supply average in Germany while pointing out that French reactor outages were below average for the time of year. “No bull signal can therefore be detected on the nuclear side,” it said.

* German OTC baseload for Wednesday increased by 1.8 percent to 47.1 euros ($54.97) per megawatt hour (MWh) while the equivalent French contract fell 3.6 percent to 47 euros.

* Thomson Reuters data showed German wind power output was likely to amount to 4.6 gigawatts (GW) on Wednesday, down from 6.9 MW on Tuesday, with daily averages of between 4.5 to 9 GW over the next fortnight.

* In nuclear news, the Beznau 2 reactor in Switzerland began its full annual outage while Germany is at near-full load with only Brokdorf shedding some load.

* Power demand was seen down 300 MW in Germany on the day-ahead at 61.6 GW and up 200 MW in France at 47.2 GW.

* Along the forwards curve, prices eased mainly due to losses in the related global coal market where Germany imports sizeable hard coal volumes.

* Germany’s Cal’19 baseload contract was off 0.4 percent at 41.25 euros/MWh and the contract’s French equivalent was untraded after a 46.2 euros close.

* European AP12 coal for 2019 was down 0.4 percent at $85.40 a tonne.

* European carbon permits for December 2018 expiry slipped 0.7 percent to 14.92 euros a tonne.

* In eastern Europe, the Czech day-ahead contract did not trade after closing at 24 euros. Czech year-ahead power also did not change hands, having closed at 42.7 euros. ($1 = 0.8568 euros) (Reporting by Vera Eckert; editing by Jason Neely)

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