January 16, 2018 / 1:51 PM / a month ago

EUROPE POWER-Spot prices gain on expected cold weather

PARIS, Jan 16 (Reuters) - European wholesale spot power prices for day-ahead delivery rose on Tuesday on forecasts for rising consumption spurred by cold weather particular in France.

* Germany’s baseload power for Wednesday delivery was at 28.45 euros ($34.79) per megawatt-hour (MWh), up 4.4 percent.

* French spot power gained nearly 21 percent, or 6.75 euros, to 39 euros/MWh.

* Germany’s price for Day Three delivery also made strong gains on the expectation of cold weather lasting until the weekend. The contract was up 17 euros at 37.50 euros/MWh.

* A forecast showed a sharp drop in average temperature in Germany to 2.7 degrees Celsius on Friday, from 4.2 degrees the previous day.

* Besides the cold spell boosting demand in weather-sensitive countries such as France, a trader said that a fall in wind power generation also supported the German contract.

* “French prices are a touch stronger on slightly cooler temperatures across Europe,” another trader said. France, unlike Germany, depends more on electricity for heating during prolonged cold weather.

* A 1 degree fall in temperatures below seasonal norms increases French electricity demand by 2.4 GW.

* Thomson Reuters data showed German consumption is expected to rise day on day to 73.2 GW from 72.6 GW, while in France it is expected to rise by 1.9 GW to 69.7 GW on Wednesday.

* Available French nuclear capacity is steady at 91.6 percent of the available total.

* Along the forward curve, Germany’s Cal ‘19 baseload contract added 0.14 percent to 35.15 euros/MWh.

* The French equivalent rose 0.25 percent to 40.45 euros.

* December 2018 expiry carbon emissions permits gained 1.15 percent to 7.80 euros a tonne.

* In eastern Europe, the Czech baseload contract for Wednesday delivery slipped nearly 6 percent to 31.75 euros/MWh. The year-ahead position added 0.14 percent to 36.10 euros. ($1 = 0.8177 euros) (Reporting by Bate Felix and Vera Eckert; Editing by David Goodman)

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