April 9, 2018 / 1:36 PM / 4 months ago

German year-ahead power hits 3-month high on firmer coal, CO2

FRANKFURT, April 9 (Reuters) - Germany’s year-ahead baseload power contract on Monday afternoon set a three-month high of 37 euros ($45.58) per megawatt hour (MWh), up 1.9 percent, tracking firmer fuels prices, especially of coal and carbon emissions rights.

* The contract, which is a European electricity benchmark, last hit 37 euros on Jan. 2, and has been supported over the past fortnight as EU carbon hit over 14 euros a tonne for the first time since 2012

* Traders cited CO2 covering needs by European manufacturers and global coal market demand. Coal is closely related to power prices in Germany, as it accounts for 40 percent of generation

* Cif Europe coal for 2019 was up 2.2 percent at $79.1 a tonne, a level last seen a month ago

* European carbon emissions rights for December 2018 expiry were up 2.4 percent at 13.3 euros ($1 = 0.8118 euros) (Reporting by Vera Eckert; Editing by Mark Potter)

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