PARIS: European spot power prices fell on Monday, with gains in both wind and solar energy generation expected to eclipse growing demand throughout the region.
German baseload power for Tuesday was at 87.50 euros per megawatt hour (MWh) by 0952 GMT, down 21.2 per cent from the price paid on Friday for Monday delivery.
The equivalent French contract was at 62 euros/MWh, LSEG data showed. The French Monday contract was untraded on Friday, the data showed.
Residual load is lower in Germany on stronger renewable power supply, with imports also expected, said LSEG analyst Naser Hashemi.
German wind power output was expected to more than double, up 5.8 gigawatts (GW) on Tuesday to 10.4 GW, while French output was forecast to add 2.5 GW to 4.6 GW.
German solar power supply was forecast to gain 2.9 GW to 13 GW, the data showed.
Power from German solar panels is expected to continue to increase steadily to around 15 GW on Thursday, and then fall back to around 14 GW on Friday, LSEG data showed.
French nuclear availability was unchanged at 67 per cent of total capacity.
Power consumption in Germany was expected to be up by 1.8 GW on Tuesday to 53.5 GW while demand in France was projected to rise by 2 GW to 40.1 GW, the data showed.
German year-ahead power was up 0.2 per cent at 100.40 euros/MWh while the French equivalent, Cal ’25,, was up 1.1 per cent at 85.45 euros/MWh.
The price of European CO2 allowances for December 2024 expiry was up 1.1 per cent at 73.35 euros a metric ton.
The return online of three French nuclear reactors and the prospect of strong solar generation, and eventually also strong wind, are all slightly bearish for gas and carbon, Veyt analyst Anders Nordeng said.
The impact should be offset by the reversed fuel-switching trend, after the rise in gas prices put coal fired-power affordability ahead of gas, he added.
