Reuters logo
UPDATE 1-Europe Power-Curve turns higher on oil gains
March 1, 2012 / 4:56 PM / 6 years ago

UPDATE 1-Europe Power-Curve turns higher on oil gains

 * Cal '13 baseload up as oil, carbon rise
 * Spot prices weighed down by milder weather

 (Recasts, adds France, Swiss water levels, updates prices)	
 BERLIN/PARIS, March 1 (Reuters) - European power
forwards turned higher on Thursday afternoon, after a weak
start, as oil and carbon emission prices rose, although the
contracts remained below the three-month highs hit earlier this
week.	
 Germany's Cal '13 baseload contract was up 40 cents at 53.35
euros ($71.13) a megawatt hour, while France's Cal '13
base gained 50 cents to 53.50 euros.	
 Oil rose above $123 a barrel as upbeat economic data from
China and the United States bolstered the demand outlook and
concern persisted about supply disruption from Iran. 	
 EU carbon emissions prices rebounded after three days of
losses, having absorbed news that the EU Parliament's industry
committee voted in favour of a measure to withdraw pollution
permits in the 2013-2020 period. 	
 Coal for north Europe delivery next year pared earlier
losses and was quoted by brokers at $112.30/tonne,
down $2.35 from Wednesday, and gas traded slightly lower. 	
 In spot power trading, French baseload for Friday delivery
fell by 75 cents to 49.50 euros in the over-the-counter market
. Its German equivalent fell by 70 cents to 47.30 euros
.	
 Daytime temperatures are expected to climb to 14 degrees
Celsius in Germany up to Sunday and to 9 degrees in France. Next
week, temperatures are expected to fall to levels below seasonal
averages but cold snaps will probably be limited in intensity.	
 Switzerland's water reservoir levels fell by 3.1 percentage
points and in the week to Feb. 27, maintaining their lowest
level for the same week of each year since 1997, reflecting the
recent cold snap. 	
 France's water reservoir levels fell by 6 percentage points
to 36 percent this week, also their lowest level since 1997.	
 In Germany, a decision by Chancellor Angela Merkel's cabinet
to cut obligatory solar incentives by up to 30 percent in the
world's largest solar market caused arguments between renewable
industry lobbies and the government, while shares in solar
companies dropped. 	
 The government wants to slow the expansion of solar because
costs to the taxpayer are high, while it still produces
relatively little power.	
 ($1 = 0.7501 euros)	
	
 (Reporting by Vera Eckert and Muriel Boselli,; Editing by Jane
Baird)	
 	
 

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below