June 23, 2020 / 10:17 AM / 2 months ago

EUROPE POWER-German year-ahead prices climb with fuel, carbon permits

PARIS, June 23 (Reuters) - German baseload power prices for year-ahead delivery hit a near five-month high on Wednesday, surging with carbon permits, while the French day-ahead spot surged to a 16-week high on reduced nuclear availability.

* The benchmark German Cal ‘21 position rose 1.1% at 40.50 euros ($45.76) per megawatt hour (MWh) by 0958 GMT, the highest since March 5, tracking rising fuel and carbon prices.

* The equivalent French contract jumped 0.94% to 48.15 euros/MWh, the highest since Dec. 2.

* December 2020 expiry European CO2 allowances gained 2.2% to 25.06 euros a tonne, a four-month high.

* A survey by the International Emissions Trading Association (IETA) found members now expect average carbon prices in the EU of 31.71 euros a tonne over the fourth trading phase from 2021-2030, down 12% from last year’s survey.

* Hard coal for 2021 north European delivery remained untraded after closing at $55 euros a tonne on Monday, a two-week high.

* French nuclear availability dropped by 3.6 percentage points to 49.85% of installed capacity with unplanned outages at the Blayais 1 and Belleville 2 reactors.

* The French over-the-counter baseload contract for day ahead delivery jumped 17.3% at 35.50 euros/MWh, a 16-week high.

* The equivalent German price gained 2.1% to 35 euros/MWh.

* Power generation from German wind turbines is expected to tick up by 400 megawatts (MW) day on the day to 4.2 gigawatts (GW), Refinitiv Eikon data showed.

* German solar power is forecast to slide 160 MW to 10.2 GW, the data showed.

* Electricity from French wind turbines is expected to jump by 1.2 gigawatts (GW) to nearly 3 GW, while solar power generation is forecast to dip by 30 MW.

* On the demand front, German consumption is expected to add 350 MW to 51.4 GW on Wednesday, with French demand increasing by 570 MW to nearly 44 GW. ($1 = 0.8862 euros) (Reporting by Forrest Crellin Editing by David Evans)

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