Curve contracts lower with CO2, spot up on fundamentals
FRANKFURT, Sept 11 (Reuters) - European power contracts for
year-ahead delivery on Tuesday were mostly lower, with the
exception of French 2020 delivery, as carbon prices turned
south, while prompt power gained on lower supply coupled with
* German power for 2019 delivery, the European benchmark,
by 2.2 percent from the previous close to 56.25 euros ($65.09) a
megawatt hour (MWh), having set a fresh contract high on Monday.
* Traders said the uptrend, which has pushed German forwards
their highest level since the fourth quarter of 2011, seemed due
to a brief break, also noting intra-curve adjustments as
individual contracts fell out of line with some others.
* The French Cal '19 delivery position shed 1.6 percent from
all-time intraday record of 63.5 euros to stand at 62 euros.
* The French Cal '20 contract was at a record high of 55.7
up 2.7 percent, well below 2019..
* European December 2018 expiry carbon allowances
down 4.5 percent at 24.1 euros a tonne.
* Carbon has risen this year on EU reforms that aim to
supply from 2019. Buyers believe they must cover early,
attracting speculators to pile into the market as well.
* European delivery AP12 coal for 2019, a big
generation cost input, was 0.5 percent up at $95.95 a tonne.
* Prompt power prices were up on higher expected wind
tighter French nuclear power availability and unchanged
* The German baseload contract for Wednesday
63.85 euros, up 11.5 percent. Its French equivalent was at 68.75
euros, up 10.9 percent.
* A ThomsonReuters forecast showed German wind power
will likely decline to 9.2 gigawatts (GW) day-on-day after
coming in at 12.5 GW on Tuesday.
* In France, nuclear power availability stood at 72.7
total capacity, down two percentage points on the day. POWER/FR]
* EDF's Nogent 2 reactor was in an unexpected outage on
after a recent 2-month shutdown.
* In eastern Europe, the Czech year-ahead contract
0.8 percent to 58.05 euros. The day-ahead Czech
baseload did not trade after Tuesday delivery last closed at
($1 = 0.8642 euros)
(Reporting by Vera Eckert; Editing by Mark Potter)
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.