July 21, 2020 / 9:14 AM / 23 days ago

EUROPE POWER-Spot prices rise on falling renewables

PARIS, July 21 (Reuters) - European spot electricity prices for Wednesday delivery rose on Tuesday because of a projected decrease in power generation from renewables.

* The price of over-the-counter baseload power for Wednesday delivery in Germany was up 8.4% at 35.50 euros ($40.63) per megawatt hour (MWh) at 0851 GMT.

* The French day-ahead contract added 3.9% to 37.25 euros/MWh.

* Electricity generation from German wind turbines is expected to fall by 2.1 gigawatts (GW) to 3.8 GW on Wednesday while solar power output is forecast to dip by 530 megawatts (MW) to 9.7 GW, Refinitiv Eikon data showed.

* French wind power supply is expected to slip by 800 MW to 2.1 GW and electricity generation from solar power is forecast to fall by 290 MW to 2.1 GW, the data showed.

* French nuclear power availability remained unchanged on Tuesday at 50.6% of capacity.

* On the demand side, power consumption is expected to tick up 90 MW in Germany to 53.2 GW on Wednesday, Refinitiv Eikon data showed.

* French electricity demand is projected to dip by 130 MW day on day to 47.1 GW, the data showed.

* Further along the power curve, year-ahead contracts tracked the rise in carbon and oil prices.

* Germany’s Cal ‘21 baseload, the European futures benchmark, gained 1.5% to 40.45 euros/MWh, after hitting a three-week low Monday.

* The equivalent French year-ahead contract remained untraded after touching a two-month low of 44.50 euros/MWh on Monday.

* December 2020 expiry European CO2 allowances rose 1.2% to 26.48 euros a tonne.

* Hard coal for northern European delivery in 2021 added 1.4% to $60.10 a tonne.

* Oil prices jumped on Tuesday after European Union leaders reached an agreement on a stimulus deal, with sentiment also boosted by positive news about coronavirus vaccine trials. ($1 = 0.8737 euros) (Reporting by Forrest Crellin Editing by David Goodman )

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