June 05, 2024 11:05 GMT
France Sees No Negative Prices on Low Wind, High Residual Demand
POWER
The German and French day-ahead increased on the day amid low wind over the period, with negative power prices in France disappearing from the previous session as residual power demand is anticipated to rise.
- The French day-ahead cleared at €51.49/MWh for delivery on 6 June, up from €39.08/MWh in the previous session.
- No negative prices were seen for both baseload and peakload hours for tomorrow, slightly different from yesterday when negative prices were recorded for hours 14-15 and 16-17.
- The German Day-ahead settled at €86.37/MWh up from €81.72/MWh on 5 June.
- The residual load in France, meaning the remaining electricity demand that renewable energy cannot cover, is forecast to increase by 1.5GW on Thursday, while the Dutch residual load is forecast to rise by 1.9GW on the same day, LSEG data showed.
- Average temperatures in Germany mostly throughout the two-week forecast are expected to be below the 30-year norm of around 16C, with temperatures between 13-16C over 5-14 June.
- This is slightly different in France, where average temperatures will be above its 30-year norm of around 18C over 5-9 June before dipping below over 10-14 June.
- But French electricity generation by nuclear power is at its highest since 30 May, according to daily average data from RTE.
- Generation was 38.99GW at 8:30 a.m. CET vs 5-day mvg avg of 37.63GW: RTE.
- Power flows from France-Germany were at a rate of 1.85GW, according to the latest intraday data from Entso-E, as of 7:30am Frankfurt time, versus 2.46GW at about the same time the previous day, cited by Bloomberg.
- German wind output is expected at 7.92GW, or just a 12% load factor on Thursday, wind will then drop to an 8% load factor, or 5.15GW on 7 June- possibly supporting power prices on delivery, according to Spot Renewables.
- In contrast, wind generation in France is expected at 1.91GW, or 10% load factor on the same day before falling to a 9% load factor, or 1.86GW on 7 June.
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