* France’s RTE revises demand f’cast up by 4,000 MW on cold
* French next week baseload contract up 7 eur to 76 eur/MWH
PARIS/FRANKFURT, Nov 25 (Reuters) - The arrival of freezing temperatures propelled French prices for next week power sharply higher as traders expected the country would be heavily reliant on imports from Italy and Switzerland.
But the restart of two French nuclear reactors on Wednesday prevented prices from rising further, traders said.
French power grid RTE revised its outlook for consumption next week by some 4,000 MW to 91,000-92,000 MW, as weather forecasters showed temperatures would be well below average.
While these consumption levels were just under a record of 93,080 MW reached on Feb. 11 this year, traders said they believed this consumption peak would not be breached.
“It’s cold but certainly not as cold as it can be in January or February,” one trader said.
Weather forecasters said temperatures would hover in a range of minus 3 degrees Celsius and 4 degrees in the next 10 days.
French prices for next week for baseload rose by nearly 7 euros to 76 euros per megawatt hour while spot prices fell by one euro to 64.50 euros, pushed lower by the restart of the Civaux 2 and Cruas 3 nuclear reactors.
German day ahead baseload, at 61.20 euros a megawatt hour, was 2.10 euros up on the day and the highest level since Oct. 15 when the contract stood at 62 euros.
Friday peakload, at 71.50 euros, was 50 cents up and also the highest since Oct. 15.
Week ahead levels were also slightly higher but not as extreme as in France which tends to cope less well with cold snaps.
“Wind forecasts differ and that’s why the German market is undecided whether to stay that bullish, while France is much firmer,” one spot trader said.
The forwards curve was influenced by weaker oil although coal coal, CO2 and UK gas prices were higher.
German Cal ‘11 base was last at 49.20 euros, 20 cents down onm the day while the French contract rose by 45 cents to 50.80 euros. (Reporting by Muriel Boselli and Vera Eckert; editing by Keiron Henderson)
