July 22, 2020 / 9:50 AM / 21 days ago

EUROPE POWER-Spot prices diverge as French renewables dip

PARIS, July 22 (Reuters) - European spot electricity prices for Thursday delivery diverged on Wednesday as renewable supply in Germany edged lower while demand rose, and power generation from wind and solar fell in France.

* The price of over-the-counter baseload power for Thursday delivery in France rose 2% to 38.50 euros ($44.39) per megawatt hour (MWh) at 0931 GMT.

* The German day-ahead contract dipped 1.4% to 35 euros/MWh, with the falling price limited by rising demand.

* French wind power supply is expected to decrease by 900 megawatts (MW) to 1.2 gigawatts (GW) on Thursday and electricity generation from solar power is forecast to fall by 210 MW to 2.3 GW, Refinitiv Eikon data showed.

* Electricity generation from German wind turbines is expected to dip by 100 MW to 3.7 GW while solar power output is forecast to rise by 200 MW to 9.9 GW, the data showed.

* French nuclear power availability remained unchanged on Tuesday at 60.6% of capacity.

* On the demand side, power consumption is expected to slide 630 MW in France to 46.5 GW on Thursday, Refinitiv Eikon data showed.

* German electricity demand is projected to rise by 2.7 GW day on day to 55.9 GW, the data showed.

* Further along the power curve, year-ahead contracts sank with carbon credits and oil prices.

* Germany’s Cal ‘21 baseload, the European futures benchmark, slipped 0.6% to 40 euros/MWh.

* The equivalent French year-ahead contract rose 0.2% to 44.40 euros/MWh, after touching a two-month low of 44.30 euros/MWh on Tuesday.

* December 2020 expiry European CO2 allowances fell 3.2% to 25.76 euros a tonne, a three-week low.

* Hard coal for northern European delivery in 2021 added 0.5% to $61.20 a tonne, a five-month high.

* Renewable power has taken up a record share of global electricity production since the onset of the coronavirus pandemic, according to a Reuters review of data, suggesting a transition could be accelerated in the coming years. ($1 = 0.8674 euros) (Reporting by Forrest Crellin; Editing by Emelia Sithole-Matarise)

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