GO
Loading...

Europe Power-Spot rises after German holiday slump

Wednesday, 3 Oct 2012 | 12:11 AM ET

* Tight French nuclear output, German solar weigh

* Germany's Cal 13 falls to three-month low on data

PARIS, Oct 3 (Reuters) - European spot power prices rose on Wednesday, anticipating an increase in demand from Germany a day after its national holiday, coupled with tight French nuclear power supply and lower German solar output.

Germany's benchmark electricity contract for 2013 delivery hit a three-month low on the back of lower oil prices and gloomy macro-economic data.

"Consumption levels are to pick up again after the holiday, with solar power production also expected to be significantly reduced," Thomson Reuters Point Carbon analysts wrote on Wednesday.

They expected Germany's solar electricity output to fall by 2 GW on Thursday to 1.4 GW.

"Although wind power production is to stay relatively healthy the output during the peak will be relatively low, compared to the off peak levels," the analysts added.

Germany's baseload contract for Thursday delivery rose 2.13 euros to 44.5 euros per megawatt hour

.

France's equivalent day-ahead contract was 4 euros up on the day at 51 euros ($65.97) per Mwh

.

French nuclear power capacity remains tight, with more than 28 percent of France's production currently offline.

EDF's

St Alban 1 nuclear reactor returned to the grid, while Tricastin 1 was shut down for a planned outage.

Prices along the forward curve fell, tracking oil futures and echoing weaker growth expectations in the euro zone.

U.S. crude futures fell $3 as weak economic data from China and Europe countered any support from a government report of falling crude stockpiles and stronger-than-expected figures for the U.S. services and private employment sectors.

Wednesday's purchasing managers indexes (PMIs) suggested it was almost inevitable that the euro zone returned to recession in the third quarter.

German annual baseload supply for 2013 fell close to June 21's low when the contract hit an intraday low of 47.35 euros, shedding 18 cents to 47.47 euros

while the French equivalent was unchanged at 49.95 euros. ($1 = 0.7731 euros)

(Reporting by Michel Rose; editing by Keiron Henderson)

((michel.rose@thomsonreuters.com)(+331 4949 5570)(Reuters Messaging: michel.rose.thomsonreuters.com@reuters.net))

((Click on the following for information about European cash power prices, outages and interconnector maintenance. FRANCE: baseload prices , outages , report GERMANY: baseload prices , peak outages , report UK: baseload prices , outages report SWITZERLAND: outages , reservoir levels NORDIC: report EU CARBON PRICES

Interconnector maintenance diary:

((Xtra clients: Click on

to see Top News pages in multimedia Web format.))))

Keywords: MARKETS EUROPE/ELECTRICITY