Europe Power-Lower wind power pushes prices higher

Thu Mar 8, 2012 5:56pm GMT
 

* Wind power in Germany to rise by 5,000 MW on Friday
    * Power curve up with oil, gas

    PARIS, March 8 (Reuters) - Lower wind output in
Germany and higher fuel prices pushed European electricity
prices higher across the board on Thursday, traders said.	
    French baseload power for Thursday delivery rose by
3.00 euros to 54.00 euros per megawatt hour (MWh) while its
German counterpart firmed by 2.45 euros to 47.00 euros.	
    Wind power in Germany should rise to 9,000 megawatts (MW) on
Friday for peak hours, up from 4,000 MW on Thursday, one trader
said.	
    Switzerland's water reservoir levels fell by 1.8 percentage
points in the week to March 5, maintaining their lowest level
for the same week of each year since 1997 when state energy
office BFE started collecting the data. 	
    This year's spring and early summer are likely to be warm
over northern and central Europe but June and July could be
closer to normal with unsettled weather patterns, German
meteorologist Georg Mueller said in a forecast on Thursday.
 	
    Along the power forwards curve, prices tracked higher oil,
and gas prices.	
    Brent crude extended gains to nearly 2 percent on Thursday
on news the Greek bond swap deal was going well, further
brightening expectations that Greece would win enough creditor
support to avoid a messy debt default. 	
    EUAs on the other hand were largely unchanged on Thursday as
unenthusiastic demand for 3.5 million permits offered through a
UK auction cancelled out the bullish influence of stronger oil,
gas and power prices, traders said. 	
    The French contract for baseload power delivery in 2013
 gained 60 cents to 53.30  euros/MWh while the German
contract rose by 40 cents to 52.90 euros. 	
    In other news, French utility EDF will carry out
upgrades to improve the safety of its nuclear facilities in the
next 10 years, earlier than planned, the company's head of
nuclear production said on Thursday. 	
    	
	
 (Reporting by Muriel Boselli; editing by Keiron Henderson)

Market Update

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.7031
Euro USD =1.3458
Rand USD =0.0950