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European spot power prices down on supply, forwards rise
January 18, 2017 / 8:16 AM / 10 months ago

European spot power prices down on supply, forwards rise

FRANKFURT, Jan 18 (Reuters) - European prompt power prices fell sharply early on Wednesday as thermal supply rose and traders said cold weather was already factored in, while prices on the forwards curve gained as the rest of the market adjusted to recent high spot levels.

French grid operator RTE said on Tuesday consumption on Wednesday would be slightly lower than expected and it would not be required to use exceptional measures to guarantee supplies to homes.

French day-ahead spot power was off by 14 percent at 107 euros ($114.27) a megawatt hour, while German Thursday delivery was down 4.2 percent at 74.5 euros/MWh.

By contrast, German weeks, months and year ahead contracts were all higher, with next week up 6.5 percent at 49 euros.

French February, the only forward to trade early, was up 5.8 percent at 61.9 euros.

$1 = 0.9364 euros Reporting by Vera Eckert; Editing by Mark Potter

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