May 21, 2024 11:24 GMT
German Day-Ahead rises to 2nd highest in Europe on High Demand, Low Renewables
POWER
The German day-ahead base-load contract increased for the second consecutive session this week to close at the second highest price in Europe – only just below the coal-dominated country of Poland – amid increased power demand and low wind output. But the French spot closed lower amid higher nuclear capacity on the day.
- The German day-ahead spot settled at €85.84/MWh up from €79.81/MWh in the previous day. The peak day ahead closed at €81.58/MWh, up from €73.51/MWh in the previous day.
- In contrast, Poland settled at €94.80/MWh down from €95.31/MWh on 20 May, with the peak load price at €86.15/MWh down from €88.24/MWh.
- The French day-ahead spot also closed lower at €29.90/MWh from €32.09/MWh in the previous day. The peak day ahead closed at €21.05/MWh from €24.40/MWh.
- German Solar output is expected at only a 14% load factor, or 7.95GW on Wednesday, with solar then forecast to rise between 8.62-12.85GW over 23-24 May, according to spot renewables.
- Wind is estimated at 25% load factor, or about 15.9GW, on Wednesday, revised down by about 1.87GW on the day.
- German power demand is forecast to average between 41.56-64.95GW tomorrow, up from 39.94-63.9GW today, data from Entso-E show.
- France’s nuclear reactors were operating at 72% of full capacity on Tuesday, up from 70% on Monday, according to Bloomberg calculations using data from grid operator RTE.
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