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Europe Power-Spot Prices Drop on Rising Wind Supply

European spot power prices fell on Tuesday as wind power supply was seen rising throughout the region and demand is expected to remain mostly unchanged.

Renewable supply is expected to reach a very high mark on Wednesday, with both wind and solar power above normal levels, Refinitiv analysts said.

In the sunny hours, the two sources combined are forecast to completely cover German consumption, they added.

German day-ahead baseload power TRDEBD1 traded at 69 euros ($75.27) per megawatt hour (MWh) by 0722 GMT, down 15.9%.

The equivalent French contract TRFRBD1 was at 78 euros, falling 14.1%.

German wind power production was forecast to add 5.6 gigawatts (GW) to stand at 26 GW on Wednesday and solar output was seen slipping 470 megawatts (MW) to 11.7 GW, while French wind supply is seen adding 2.6 GW to 6.2 GW, Refinitiv Eikon data showed.

Power demand in Germany was forecast to edge up by 710 MW to 54.2 gigawatts (GW) day-on-day, while French consumption was expected to remain flat at 43.4 GW.

European CO2 allowances for December 2023 expiry CFI2Zc1 gained 0.1% to 87.42 euros a tonne.

Britain’s energy supply sector is expected to return to profitability this year after five years of losses, energy regulator Ofgem said.

($1 = 0.9168 euros)

Source : Reuters