June 11, 2019 / 9:06 AM / 4 months ago

EUROPE POWER-Prompt narrowly mixed, rising demand offsets more wind

FRANKFURT, June 11 (Reuters) - European spot electricity prices were narrowly mixed on Tuesday as the bullish impact of higher day-on-day demand projections was counterbalanced by rising wind output in two key markets.

* German baseload power for Wednesday delivery stood at 44.1 euros ($49.89) a megawatt hour (MWh) at 0850 GMT, up 0.6% from over-the-counter screen trading on Monday.

* The French day-ahead equivalent price shed 0.6% to 39 euros .

* Prices rose strongly last Friday ahead of an extended holiday weekend, reflecting tight nuclear supply, but this aspect was factored in for now, traders said.

* Refinitiv Eikon data showed that demand in Germany is to rise 2.3 gigawatts (GW) to 62.3 GW as consumption picks up after the holiday and with cooler than normal temperatures.

* France will see an increase by 800 MW to 49 GW for the same reasons. But next week’s temperatures will likely be 3-4 degrees Celsius higher in both countries.

* On the supply side, wind generation volumes are to go up to 8.4 GW in Germany from 5.8 GW in the same day-on-day period while the volume in France will more than double to 2.5 GW from 1.1 GW.

* In the nuclear sector, Germany’s Brokdorf reactor closed for maintenance on Saturday while in Switzerland, the Beznau 1 plant restarted over the weekend, and in France, availability remains at reduced levels in the summer maintenance season.

* Prices along the year-ahead power curve were also mixed as a result of differing fuels and carbon price patterns.

* Germany’s Cal’20 year-ahead baseload, the European benchmark, lost 0.2% to 47.8 euros/MWh after reaching two-week highs in screen trading on Monday in line with firmer carbon and coal.

* The French equivalent for 2020 delivery gained 0.9% to 51.45 euros.

* European December 2019 expiry CO2 emissions permits shed 0.3% to 25.13 euros a tonne, having hit a two-week high on Monday.

* Hard coal for northern European delivery in 2020 was 0.2% off at $66.6 a tonne after a recent rebound.

* Broker Marex Spectron said it was bearish on short-term supply, which was piling up in the Pacific, but noting that demand was also returning, especially in China.

* In Eastern Europe, the Czech Wednesday baseload contract posted a 1.4% gain at 44.25 euros. Year-ahead delivery was untraded after a close at 50.65 euros. ($1 = 0.8840 euros) (Reporting by Vera Eckert; Editing by David Evans)

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