FRANKFURT, Jan 10 (Reuters) - European power prices for the near-term and weeks and months in the first quarter rose on Tuesday, as the impact of more cold weather and tight thermal supply spilled into mid-term contracts, while German day-ahead power fell.
The German Wednesday delivery position fell 29 percent to 36 euros ($38.21) pre megawatt hour, with Thomson Reuters wind forecasts showing an increase to 24 or even 28 gigawatts (GW) from 11 GW recorded on Tuesday.
Week ahead prices were sharply up, with baseload in France up 42 percent at 125 euros/MWh and up 8 percent in Germany to 53.75 euros.
German weeks 2, 3 and 4 also gained sharply and so did February and March.
Setbacks for France’s nuclear reactors have shaken confidence in Europe’s wholesale electricity since last October, keeping prices high despite the fact French capacity is currently at a more comfortable level than in 2016.
$1 = 0.9422 euros Reporting by Vera Eckert; editing by Jason Neely