EUROPE POWER-Spot prices tumble as wind supply set to rise sharply
PARIS, Nov 16 (Reuters) - European spot power contracts fell sharply on Wednesday as wind power supply is expected to gain throughout the region.
Wind power output is expected to average 32.2 gigawatts (GW) on Thursday, the highest daily average since the end of October, Refinitiv analysts said.
Wind output is the main driver of the price drop as solar output and demand remains unchanged, they added.
German baseload power TRDEBD1 for delivery on Thursday plummeted 43.3% to 93 euros ($97.03) a megawatt-hour (MWh) at 1028 GMT.
The equivalent French price TRFRBD1 dropped 20.1% to 151.50 euros/MWh.
Daily wind power output in Germany was forecast to jump 10.3 GW day-on-day to 32.2 GW on Thursday, while France's wind supply was expected to add 1.9 GW to 12.4 GW, Refinitiv Eikon data showed.
French availability was unchanged at 53% of available capacity. POWER/FR
Power consumption in Germany is expected to edge up 190 megawatts (MW) to 60.6 GW on Thursday, while demand in France is set to shed 530 MW to 51.3 GW, the data showed.
Uniper's 300 MW Irsching 6 gas-fired plant will synchronise with the grid in the first quarter 2023, according to EEX transparency information.
German baseload for 2023 delivery TRDEBYZ3 gained 0.9% to 332 euros/MWh.
The equivalent French contract TRFRBYZ3 was untraded with after closing at 419 euros Tuesday.
European CO2 allowances for December 2022 expiry CFI2Zc1 dropped 2% to 75.14 euros a tonne.
European power prices are likely toin the medium term, Moody's Investors Service said in a report, citing technical problems at French plants, low water levels after droughts and risks to gas supplies.
Europe has failed in its REP.MC told the Reuters Energy Transition Europe 2022, citing especially the repercussions of the war in Ukraine., the chief executive of Spain's biggest oil and gas firm Repsol
($1 = 0.9585 euros)
(Reporting by Forrest Crellin, additional reporting by Vera Eckert; Editing by Louise Heavens)
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