July 27, 2020 / 9:28 AM / 12 days ago

EUROPE POWER-Spot power prices slide on expected surge in wind output

FRANKFURT, July 27 (Reuters) - Prompt power prices fell in the European wholesale market on Monday as German wind power supply was forecast to more than double day-on-day, while forwards sagged on weaker carbon prices.

* The price of over-the-counter baseload power for Tuesday delivery in Germany was down 36.6% at 21.3 euros ($24.90) a megawatt hour (MWh) at 0915 GMT from the price paid for Monday.

* The equivalent French contract for the day-ahead dropped 4.9% to 33.3 euros.

* Electricity generation from German wind turbines is expected to hit 25.5 gigawatts (GW) on Tuesday, compared with 9.9 GW expected on Monday, Refinitiv Eikon data showed.

* German solar power production is forecast to range between a healthy 9 and 11 GW each day this week.

* French nuclear power availability dropped 2.1 percentage points compared with Friday’s levels to stand at 57.04% of the maximum installed capacity.

* Power consumption is expected to rise in Germany by 2 GW day-on-day to reach 52.1 GW on Tuesday, while in France it is likely to edge down 200 MW to 46.2 GW, Refinitiv data also showed.

* The demand outlook is far weaker for next week as holidays begin, which triggered a sharp fall in the German week-ahead contract.

* Along the forward power curve, prices continued their fall from last week which began as faltering equities dragged on CO2, with oil and gas supplies also looking healthy.

* Germany’s Cal ‘21 baseload, the European futures benchmark, slid 1.8% to a five-week low of 38.8 euros/MWh.

* The equivalent French year-ahead contract was down 1% at 43.9 euros, its lowest in 11 1/2 weeks.

* December 2020 expiry European CO2 allowances shed 3% to 25.59 euros a tonne.

* Hard coal for northern European delivery in 2021 added 0.8% to $60 a tonne. ($1 = 0.8554 euros) (Reporting by Vera Eckert; Editing by Jan Harvey)

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