U.S. Markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.83 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.11 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    108.46
    +2.70 (+2.55%)
     
  • Gold

    1,812.90
    +5.60 (+0.31%)
     
  • Silver

    19.77
    -0.51 (-2.50%)
     
  • EUR/USD

    1.0426
    -0.0057 (-0.5422%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • Vix

    26.70
    -2.01 (-7.00%)
     
  • GBP/USD

    1.2103
    -0.0072 (-0.5930%)
     
  • USD/JPY

    135.1750
    -0.5530 (-0.4074%)
     
  • BTC-USD

    19,049.06
    -268.30 (-1.39%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • Nikkei 225

    25,935.62
    -457.42 (-1.73%)
     

EUROPE POWER-Germany's gas alarm sends curve contracts to record highs

·2 min read

FRANKFURT, June 23 (Reuters) - European power curve benchmarks on Thursday set new records as Germany triggered the "alarm stage" of its emergency gas plan in response to falling Russian supplies while stopping short of allowing utilities to pass on soaring energy costs to customers.

Gas generated 15% of electricity in Germany last year and the government now wants to reserve more gas for manufacturers.

Germany is seeking to purchase more gas from outside Russia, building more storage and using more coal-fired power plants, raising demand for carbon emissions allowances. Berlin says it is under "economic attack" from Russia.

German year-ahead baseload power rose 6.3% to 259.40 euros ($272.50) a megawatt hour (MWh) at 1000 GMT after the Economy Ministry announced the move.

The equivalent French contract stood at a record 323 euros, up 2.9%.

Russian gas flows to Europe via the Nord Stream 1 pipeline and through Ukraine were stable, although they are running well below levels pumped before the Ukraine war.

Coal for northern European delivery in 2023 had closed at its highest since March 2 at $263.5 a tonne.

European CO2 allowances for December 2022 expiry were broadly unchanged at around 81.80 euros a tonne.

Spot power fell on lower demand as high temperatures eased and with more wind power supply on the cards.

German baseload fell 6.2% to 281.5 euros, and the equivalent French price dropped 12.2% to 316 euros.

Daily wind power output in Germany was forecast to rise to 11.2 gigawatts (GW) day on day, up from 4.9 GW, Refinitiv Eikon data showed.

French nuclear availability remained at 51.4% of available capacity while reactors in Germany and Switzerland returned to the grid.

Power consumption in Germany was seen falling 800 MW to 56.9 GW and in France was seen dropping by 900 MW to 45 GW.

Grid company TenneT will tender seeking bids for planned investments into sea-to-land offshore wind connections in the Netherlands and Germany.

($1 = 0.9519 euros) (Reporting by Vera Eckert; Editing by Edmund Blair)