FRANKFURT, May 7 (Reuters) - German and French spot power
prices declined on Tuesday as weak demand in a holiday week
overrode the effects of tight supply and forecasts for
temperatures to fall.
Both markets observe Ascension day on Thursday, and France
also has Wednesday off for Victory in Europe Day.
'The changing weather and low supply would have normally
boosted prices, but there is no demand to speak of,' one trader
Baseload power for Wednesday in Germany was down
8.75 euros on the day at 29.25 euros ($38.00) a megawatt hour.
In France, power for delivery on Friday, the next working
day, was at 21 euros, with Wednesday and Thursday at
weekend prices of 16 and 15 euros, respectively.
French Tuesday baseload had traded at 36.75 euros on Monday.
Temperatures in Germany are expected to fall by 4 degrees to
a range of 13 to 19 degrees Celsius, weather reports said. Those
in Paris will also fall by 4 to 7 degrees to a range of just 11
to 17 degrees.
German power availability was squeezed by lower wind output
and a series of thermal and nuclear outages, while French
nuclear capacity was also tight.
German utility E.ON extended the end of its Grohnde
reactor's outage by four days to May 13 while confirming the
start and end dates for the upcoming outage of its
Grafenrheinfeld reactor as May 11 through to June 13.
EnBW indicated it will lose 250 MW of load at its Rostock
coal-fired plant between Tuesday and Wednesday morning.
Prices on the power forward curve were little changed
overall, while carbon, coal and gas trended lower.
Oil reached its highest in nearly a month on Tuesday,
supported by strong German data, central bank policy and tension
in the Middle East.
Germany's Cal 14 baseload power was stable at
38.90 euros/MWh, while the equivalent French contract
gained 45 cents day-on-day to 42.25 euros.
In earnings reports, Germany's number three utility EnBW
said it expected core earnings to decline this year after tepid
demand and lower wholesale prices in Germany hurt first-quarter
Its power sales volumes dropped by 3.5 percent in the three
months to 33.5 billion kilowatt hours. But the company made more
forays into gas and raised sales there by 48 percent
year-on-year to 38 billion kWh, helped by the cold winter, it
In bourse statistics, the EEX reported it traded 90.3
terawatt hours (TWh) of power forwards in April, an 85 percent
increase in volumes from April a year ago. But April's result
was down from March 2013, when 95.7 TWh traded.
($1 = 0.7659 euros)
(Reporting by Vera Eckert; editing by Jane Baird)
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Keywords: MARKETS EUROPE ELECTRICITY/
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