January 5, 2017 / 8:20 AM / a year ago

European day-ahead power prices jump on cold weather

FRANKFURT, Jan 5 (Reuters) - French day-ahead power prices were up 18 percent and those in neighbouring Germany up 3.5 percent in the European wholesale market early on Thursday as cold weather boosted demand.

The French Friday baseload delivery price stood at 86.25 euros ($91.03) a megawatt hour while the equivalent German price was 51.76 euros.

Thomson Reuters data showed that Germany will likely add 2.3 gigawatt (GW) in demand day-on-day and France 3.8 GW.

Temperatures are due to plunge by 4 degrees Celsius and 3.5 degrees respectively in the two countries that together represent two thirds of European power usage.

Traders said the Epiphany holiday that is observed in three out of 16 German states and Austria had capped demand, and in turn, prices.

$1 = 0.9475 euros Reporting by Vera Eckert, editing by Susan Thomas

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