SPX4,226.61-57.13 -1.33%
DIA336.92-3.00 -0.88%
IXIC12,701.66-263.69 -2.03%

EUROPE POWER-Spot prices lower on more wind supply

EUROPE POWER-Spot prices lower on more wind supply

Reuters · 07/28/2022 05:13
EUROPE POWER-Spot prices lower on more wind supply

- European spot power prices fell on Thursday as German wind supply is seen rising ahead of the weekend.

"A decrease in forecasted residual load in Germany leads to a forecasted price drop for Friday," Refinitiv analysts said.

German baseload power TRDEBD1 for delivery on Friday fell 7.3% to 459 euros ($468.55) a megawatt-hour (MWh), as of 0859 GMT.

The equivalent French price TRFRBD1 dropped 4.7% to 510 euros/MWh.

Daily wind power output in Germany was forecast to rise 2.3 GW day-on-day to 6.4 GW on Friday, while in France it was expected to drop 230 megawatts (MW) to 1.8 GW, Refinitiv Eikon data showed.

Daily average wind supply levels are expected to be around 4 GW on Monday and Tuesday before rising steadily to around 8 GW on Friday, Refinitiv analysis showed.

French availability was flat at 45.7% as the restart of the Gravelines 4 reactor was moved back one day to July 28 and that at the 900 MW Dampierre 4 was moved back five days to Aug. 1. POWER/FR

French power company EDF ECIFF issued its fourth profit warning of the year on Thursday as it fell to a loss in the first half on lower output.

Consumption in Germany was seen falling by 990 MW to 56.4 GW on Friday, while demand in France it was expected to dip 530 megawatts (MW) to 44.6 GW.

The German year-ahead baseload power TRDEBYZ3 fell 2.3% to 367.50 euros/MWh.

The French 2023 baseload contract TRFRBYZ3 was untraded after closing at 504 euros/MWh on Wednesday.

European CO2 allowances for December 2022 expiry CFI2Zc2 rose 1.4% to 77.22 euros a tonne.

Germany is set to enact a planned levy on all gas consumers on Oct. 1 as it looks to help suppliers grappling with soaring gas import prices and will allow importers to pass on 90% of their costs, economy ministry sources said.

($1 = 0.9796 euros)

(Reporting by Forrest Crellin; Editing by Subhranshu Sahu)

((forrest.crellin@thomsonreuters.com, +33 7 69 52 66 73))