EUROPE POWER-Spots drop on increased renewables
PARIS, May 11 (Reuters) - European spot power contracts fell on Thursday as wind supply is seen rising throughout the region and solar power is also seen up in Germany.
A strong improvement in wind supply throughout the region, coupled with an expected increase in solar power and a drop in demand, leads to a bearish forecast, Refinitiv analysts said.
German baseload power TRDEBD1 for delivery on Friday fell 14.2% to 99.50 euros a megawatt-hour (MWh) at 0906 GMT, while equivalent French prices TRFRBD1 shed 8.3% to 99 euros/MWh.
Daily wind power output in Germany was forecast to add 6.7 gigawatts (GW) to 13.1 GW on Friday, and French wind output was seen up 1 GW at 3.5 GW, Eikon data showed.
German solar power supply is expected to add 2.1 GW to 8.7 GW.
French availability was unchanged at 64% of the total capacity, while the unplanned outage at the Dampierre 4 reactor was extended to May 14. POWER/FR
Nuclear operator EDF EDF.PA said French reactor power output rose to 25 TWh in April, but overall output for 2023 is down year-on-year due to outages caused by stress corrosion and the effects of labour strikes.
On the demand side, German consumption is set to fall 1.6 GW on Friday to 56.1 GW, while demand in France is seen down 760 megawatts (MW) at 44.5 GW, Eikon data showed.
Along the forwards curve, German baseload for 2024 delivery TRDEBYZ4 ticked up 0.3% to 149.20 euros/MWh.
The equivalent French contract TRFRBYZ4 was untraded after closing at 211.50 euros/MWh on Wednesday.
European CO2 allowances for December 2023 expiry CFI2Zc1 was down 0.4% at 89.11 euros a tonne.
(Reporting by Forrest Crellin; editing by Shilpi Majumdar)
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