FRANKFURT, Jan 3 (Reuters) - European spot power prices rose sharply on Wednesday amid winter gales that were forecast to decline by Thursday, while forwards power prices stabilised after a weaker start.
* “Wind is turning out to be a transient factor with plenty of oversupply today but a falling tendency,” one trader said.
* German baseload power for the day-ahead jumped by 113 percent to 24.5 euros ($29.43) per megawatt hour (MWh), having been slashed a day earlier by the prospects of strong wind power output. The contract’s French equivalent jumped by 19.8 percent to 28.8 euros.
* Thomson Reuters data showed German wind power production is due to fall to 22.1 gigawatts (GW) on Thursday, down from 33.8 GW expected for Wednesday, when it would represent two thirds of installed capacity. Next week, daily levels will likely range between 8.2 and 18.3 GW.
* A winter storm cut power to some 200,000 households in northern France. In Germany, it only caused localised and temporary logistics and supply problems.
* Power demand is set to rise by 2.3 GW in both countries put together day-on-day to Thursday, with next week seeing strong gains due to anticipated sharp falls in temperatures.
* Week-ahead positions however came off firmer levels in the previous session as the weather scenario had been priced in, traders said.
* Also, French nuclear availability has improved by 1.4 percentage points since Tuesday to stand at a comfortable 91.6 percent of capacity.
* Among distant contracts, the German year-ahead Cal’ 19 delivery contract stood unchanged from the close at 36.7 euros as the curve was tracking volatile carbon and coal, and oil held steady at 2 1/2 year highs.
* December 2018 expiry carbon emissions permits gained 1.9 percent to 7.96 euros a tonne.
* Cif Europe coal for 2019 was in at $86.3-86.8 a tonne bid-ask range after a close at $86.3. ($1 = 0.8326 euros) (Reporting by Vera Eckert; editing by Mark Heinrich)