Prices falling in Germany, rising in France, which retains discount
FRANKFURT, Oct 9 (Reuters) -German spot power prices for Thursday fell on Wednesday on expectations of higher wind power supply and lower demand, while those in France increased from a lower base, still retaining a discount to the neighbouring market.
German day-ahead baseload power TRDEBD1 was down 29.5% at 57.5 euros ($63.01) per megawatt hour by 0800 GMT, LSEG data showed. The equivalent French contract TRFRBD1 added 37.1% to 49.0 euros/MWh.
Residual load - the amount of electricity demand that needs to be filled by conventional sources once renewables are accounted for - is decreasing in Germany, with exports expected out of the country, said LSEG analyst Marcus Eriksson.
The country's reduced availability of hard and brown coal capacity is being replaced by more gas capacity, he added.
German wind power output is projected to rise by 4.1 gigawatts to 20.2 GW on the day-ahead, while French supply is expected to drop by 4.2 GW to 6.5 GW, LSEG data showed.
Latest French nuclear availability gained 5 percentage points to reach 74% of total capacity. POWER/FR
Power consumption in Germany is forecast to dip by 500 MW to 56.3 GW on Thursday, while French demand is expected to lose 100 MW to 46.5 GW.
Along the forwards curve, German year-ahead power TRDEBYZ5 was down 0.7% at 84.05 euros/MWh, while French 2025 baseload TRFRBYZ5 was untraded after closing at 71.85 euros/MWh.
European CO2 allowances for December 2024 CFI2Zc1 jumped 2.2% to trade at 61.61 euros a metric ton.
The year 2024 will go down as that of peak energy emissions, said the Energy Transition Outlook from assurance provider DNV.
The main reason is China installing more solar and wind and cutting its dependency on highly CO2 polluting coal, while also stepping up exports of green technologies.
Germany's liquefied natural gas terminals are an insurance policy against a shortage of natural gas if transit through Ukraine is cut off to European countries without coastal access, the Berlin economy ministry said.
($1 = 0.9125 euros)
Reporting by Vera Eckert; Editing by Jan Harvey
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