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EUROPE POWER-Prompt prices fall on more renewables output

·2 min read

FRANKFURT, June 28 (Reuters) - European spot power prices fell on Tuesday as more wind and solar supply arrived in the region to more than meet slightly higher demand.

Day-ahead baseload in Germany lost 4.4% to trade at 319 euros ($337.85) a megawatt hour (MWh) at 0900 GMT while the same French position dropped 2.2% to 352 euros .

Daily wind power output in Germany was forecast to nearly double to 8.3 gigawatts (GW) on Wednesday and nudge up by 100 MW in France, Refinitiv Eikon data showed.

French nuclear availability stayed at 49.3% of available capacity.

Demand in Germany was predicted to increase 500 MW to 58 GW day-on-day and to also to rise in the interconnected region that includes France and also Switzerland and Austria.

Power curve contracts were mostly falling on profit-taking after a few days of record highs when lower receipts of Russian gas had driven prices higher.

A "serious disruption" to the European Union's gas supplies from Russia is likely in the wake of the Ukraine war, and both Germany and France have started preparing emergency measures for that scenario.

Gas used in power generation can be replaced by coal, oil and nuclear energy and renewables, depending on weather patterns, while many manufacturing industries and home heating sectors depend more directly on gas supply.

Daily flows of Russian gas to Europe via the Nord Stream 1 pipeline and through Ukraine were steady early on Tuesday, operator data showed.

German year-ahead baseload power, the European futures benchmark, stood 1.7% lower at 257.5 euros while the equivalent French contract had not traded after closing at 325 euros.

Coal for northern European delivery in 2023 was untraded after a close at $255 a tonne.

European CO2 allowances for December 2022 expiry shed 0.4% at 84.69 euros a tonne. ($1 = 0.9442 euros) (Reporting by Vera Eckert; Editing by Jane Merriman)