German prompt power prices retreated further Friday with
temperatures and wind power output set to rise strongly after a
short-lived cold spell and below average wind power output lifted
spot prices this week to their highest level in over a year.
Conversely on the forward curve, contracts recovered from heavy
losses earlier this week on a change in sentiment across global
commodity markets.
Baseload power for weekend delivery was last heard at Eur25.50/MWh,
down Eur1.50 from Thursday's close with Saturday baseload last heard
at Eur28/MWh. Epex Spot settled Saturday just above OTC at
Eur28.28/MWh.
Baseload power for Monday delivery was heard before midday local
time at Eur33/MWh, down Eur3.50 from Friday's close on Thursday with
Monday peakload down Eur3.75 at Eur40/MWh.
Day-ahead peakload for Thursday jumped to Eur75.50/MWh, its
highest since December 2014, as the cold snap also coincided with a
strike in France.
Week-ahead contracts fell Eur3 to trade at Eur24.25/MWh, down from
above Eur31/MWh on Monday and a Eur35/MWh close for this week last
Friday.
Wind power output was forecast just below 10 GW this weekend,
dipping slightly Monday, but could potentially rise above 20 GW from
Wednesday, according to spotrenewables' 7-day outlook.
Conventional plant availability from nuclear, coal and lignite was
forecast to drop below 42 GW for Monday, down from just below 45 GW
availability Friday, EEX transparency data showed.
German year-ahead power rebounded Eur1 from Thursday's intra-day
lows, when the contract traded below Eur23/MWh for the first time
since early 2002 as Thursday's late rally in oil lifted sentiment
across the wider sector with EUA carbon allowances rebounding
sharply, but still trading below last Friday's levels, when the
contract entered bear market territory.
German Cal 17 baseload traded at Eur23.70/MWh by noon London time,
while EUA carbon allowances traded at Eur6.42/MWh.
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