September 29, 2016 / 6:46 AM / a year ago

European power prices set new highs on French nuclear squeeze

FRANKFURT, Sept 29 (Reuters) - European forward power contracts hit their highest levels in over a year early on Thursday as news of tightening French nuclear supply drove buying.

The benchmark German Cal'17 year-ahead baseload contract was at 30.1 euros a megawatt hour (MWh), up 2 percent from the close at 0629 GMT, a level last seen in mid-August 2016.

The less liquid equivalent French contract rose 2 percent to 30.1 euros/MWh, a level last seen in early August last year.

French state-controlled utility EDF said on Wednesday it would carry out more tests on 12 nuclear reactors during their planned outages in the coming months in a carbon probe, which could affect the length of the outage period for some of the reactors. (Reporting by Vera Eckert, editing by Bate Felix)

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