French and German day-ahead prices eased Monday ahead of a national holiday in France and many neighboring countries and a regional one in Germany. Additionally, higher renewables output pressured short-term prices.
1.3 GW Grundremmingen C reactor returns to grid
French spot drops on soft holiday demand
German curve bullish, Cal-18 at Eur32.40/MWh
The German contract for Tuesday baseload delivery traded about Eur6 below where Monday was assessed, at Eur27.25/MWh before 11:00 am London time. The peakload contract shed over Eur7 to Eur28.50/MWh.
German wind power generation was set to rise to 8 GW from 3.5 GW during Tuesday's base hours, according to spotrenewables.
Solar generation for Tuesday was set to tick up to 17.50 GW during peak hours, from 17 GW on Monday.
Combined wind and solar output is expected to go up to 23.5 GW or 26% for peak hours.
Epex Spot settled Tuesday below OTC in Germany at Eur26.63/MWh for the baseload and Eur27.54/MWh for the peak.
The weekend contract was last seen at midday in London at Eur14.90/MWh, over Eur7 below where the previous weekend traded on Friday on higher renewables forecasts. The week-ahead contract traded at Eur32/MWh, Monday morning.
Combined hard coal and lignite availability for Tuesday were pegged at 27 GW, with nuclear availability at 10 GW, data from EEX Transparency showed.
The return of the 1.3 GW Grundremmingen C reactor will push nuclear availability in the beginning of the week, while the 1-GW Neurath-G lignite plant is rescheduled to ramp-up on Tuesday evening.
GERMAN CAL KEEPS SURGING
Further out, prices on the German far curve kept rising due to higher generating fuel prices. The year-ahead put on another 20 euro cent to Eur32.40/MWh, while Q4 rose 40 euro cent to Eur36.50/MWh. On Friday, German year-ahead power had already seen a 2.5-year high for the closing price at Eur32.20/MWh.
EUA carbon allowances for December 2017 were last seen trading at Eur5.52/mt, up 13 euro cent.
On the near curve the front-month rose 30 euro cent to Eur33.70/MWh.
FRENCH SPOT PRESSURED BY HOLIDAY
French day-ahead power prices declined on Monday as the Assumption Day bank holiday drove demand down, while higher renewables in the region and Germany further weighed on the market, sources said.
Baseload day-ahead contract fell to Eur27/MWh before the 11am London time market close, which is Eur5.50 below Friday's assessment for Monday, while the peakload Tuesday price narrowed its premium to the base counterpart to close at Eur28/MWh, erasing Eur7 in value from Friday's assessment for Monday power.
EPEX Spot data showed the day-ahead baseload spot auction settled at Eur27.78/MWh, a touch higher than the OTC prices and Germany. The higher outturn was despite weak demand as forecasts for renewables power generation in Germany is set to increase on Tuesday.
However, a trader said: "In France, there is a bank holiday, so demand even lower, it should have been coupled with Germany."
Grid operator RTE expects peak power demand on Tuesday to fall to 44 GW, compared with nearly 47 GW predicted for peak Monday hours.
At midday Monday, nuclear power supplies stood at just shy of 39 GW, while only 4 MW, 131 MW and 795 MW of electricity was generated by fossil fuel power generators using coal, oil and gas, RTE data showed.
Wind, solar and hydro output reached 796 MW, 4.8 GW and 6.1 GW, respectively, data showed.
Comments
Post a Comment