Rise in renewables output weighs on German spot price
PARIS, July 8 (Reuters) -The German spot power price for Tuesday fell on Monday, with wind power supply expected to rebound through the middle of the week and solar generation also projected to rise.
German baseload power for Tuesday TRDEBD1 was at 78.25 euros per megawatt hour (MWh) by 0917 GMT, down 16.8% from the price paid on Friday for Monday delivery, LSEG data showed.
The equivalent French contract TRFRBD1 was 54 euros/MWh. The Monday price was untraded on Friday.
German wind power output was expected to rise be 3.7 gigawatts (GW) on Tuesday to 8.2 GW while French output was forecast to gain 2.1 GW to 3.9 GW, LSEG data showed.
LSEG analysis showed that wind power supply in Germany is expected to rise again on Wednesday to nearly 12 GW before dropping back to about 4 GW on Thursday.
German solar power supply was also forecast to rise, gaining 1.4 GW to 16.2 GW, the data showed.
The recent French parliamentary election could have an impact on plans for both new and old French nuclear reactors, potentially disrupting time lines and investments, disrupting availability in the long term, said Rystad analyst Fabian Ronnigen.
He added that there is definitely room for acceleration on renewables development after the election result, especially in onshore wind projects.
Power consumption in Germany was expected to rise by 2.6 GW to 55.1 GW on Tuesday while demand in France was projected to add 2 GW to 43.7 GW, the data showed.
German year-ahead power TRDEBYZ5 was up 0.9% at 94.15 euros/MWh while the French equivalent, Cal '25, TRFRBYZ5 added 1.6% to 74.50 euros/MWh.
The price of European CO2 allowances for December 2024 expiry CFI2Zc1 was up 1.3% at 71.26 euros a metric ton.
The French election result is expected to have only a limited effect on carbon prices, at least in the short term, said Veyt analyst Anders Nordeng.
Reporting by Forrest Crellin
Editing by David Goodman
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