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Oil report

EUROPE POWER-Spot prices jump on falling wind and solar supply

PARIS, Nov 2 (Reuters) - European spot electricity prices for Tuesday delivery climbed on a forecast of tumbling power generation from wind turbines, along with falling solar power supply and rising demand.

* The price of over-the-counter baseload for Tuesday delivery in Germany jumped to 36 euros ($41.91) a megawatt hour (MWh) at 1016 GMT, up 82.3% compared to the price paid for Monday delivery.

* The French day-ahead contract rose 36.5% to 35.50 euros/MWh compared to the Monday price.

* Electricity generation from German wind turbines is expected to tumble by 14.6 gigawatts (GW) day-on-day to 21.1 GW on Tuesday, Refinitiv Eikon data showed.

* German solar power generation is expected to dip by 410 mewgawatts (MW) to 2.3 GW day on day.

* In France, wind power supply is expected to shed 4.2 GW to 4.8 GW, while solar output is expected to edge down 140 MW to 720 MW, the data showed.

* French nuclear power availability fell 1.5 percentage points to 70.8% of available capacity as two reactors went offline.

* On the demand side, power consumption is expected to rise 1.7 GW in Germany to 61.4 GW on Tuesday, while French demand will increase by 4.4 GW to 54.3 GW, Refinitiv Eikon data showed.

* On the week-ahead curve, prices jumped 11.1% in Germany and 9.2% in France on falling wind power supply forecasts.

* Year-ahead contracts tracked weaker carbon permits and fuel prices as coronavirus lockdowns weighed on energy markets.

* Germany’s Cal ‘21 baseload, the European futures benchmark, slid 1% to 36.93 euros/MWh after hitting a five-month low earlier in the trading session.

* The equivalent French year-ahead contract was untraded after closing at 41.65 euros/MWh on Friday.

* December 2020 expiry European CO2 allowances dropped 1.6% to 23.34 euros a tonne, having reached the lowest since June 18 earlier in the session.

* Hard coal for northern European delivery in 2021 tumbled 3.2% to $53.55 a tonne, the lowest since Aug. 25. ($1 = 0.8590 euros) (Reporting by Forrest Crellin; Editing by Emelia Sithole-Matarise)

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