July 23, 2019 / 9:54 AM / a month ago

EUROPE POWER-French spot jumps on heatwave-fuelled demand, tight nuclear supply

PARIS, July 23 (Reuters) - European spot electricity prices for day-ahead delivery rose on Tuesday with the French contract making strong gains as forecasts for a heatwave were set to boost power demand for cooling, while nuclear generation will slip due to planned outages.

* The French over-the-counter spot electricity price for day-ahead delivery gained 9.8% to 50 euros ($55.64) a megawatt hour.

* Germany’s Wednesday delivery contract added 4.8% to 48.50 euros/MWh.

* A second spell of scorching weather in as many months is expected to hit much of western Europe from Tuesday, increasing electricity demand for cooling.

* Forecast by French meteorological services Meteo France showed that temperatures could reach 43 degrees Celsius in some parts of France, nearing the record 46 degrees Celsius level set during the last heatwave at the end of June.

* Electricity grid operator RTE said peak consumption during the heatwave spell this week is seen at 59 GW on Thursday afternoon, 8% more than the seasonal normal.

* RTE said France had around 68 GW of available power generation to cover demand and would be exporting power to its neighbours.

* French nuclear power availability, which accounts for over 75% of its electricity needs was steady at 68.9% of the maximum total but will drop on Wednesday as EDF plans to take the 2.6 GW Golfech nuclear plant offline due to high temperatures on the Garonne river.

* French wind power supply will fall on Wednesday by 480 MW to 1.2 GW, while solar power supply will remain flat at 1.8 GW, according to Refinitiv Eikon data.

* French power consumption will rise by 860 MW to 53.6 GW on Wednesday, the data showed.

* In Germany, the average temperature will rise by 3 degrees Celsius on Wednesday.

* Electricity demand will increase by 630 MW to 62.4 GW, Refinitiv data showed.

* German wind power generation will rise by 1.2 GW to 4.7 GW. Power generation from solar panels will remain flat at 10.2 GW.

* Year-ahead power prices rose tracking carbon emissions and gas prices.

* German year-ahead delivery contract, gained 0.6% to at 52.6 euros/MW.

* The French equivalent contract for 2020 delivery was level at 54.20 euros/MWh.

* CO2 emissions permits for December 2019 expiry rose 1.2% to 29.35 euros a tonne.

* Hard coal for northern European delivery in 2020 was untraded at its $71.25 a tonne close.

* In eastern Europe, Czech year-ahead was untraded after a close at 55.4 euros/MWh and day-ahead baseload was at 50 euros/MWh, up 1%. ($1 = 0.8941 euros) (Reporting by Bate Felix; Editing by Sudip Kar-Gupta)

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