Curve prices edge slightly higher but poor liquidity in the prompt
French curve prices ticked up on Monday on the back of rising prompt prices. Calendar ’05 Baseload gained EUR 0.05/MWh to end at EUR 34.05-34.15/MWh. Across the curve French contracts rose by less than their German counterparts. “EdF was selling in the morning and that pushed prices down,” said one player. “It’s hard to see prices rebounding strongly before the next VPP auction at the start of November,” he added. The spot market moved higher after a dramatic fall in the amount of wind capacity available. Wind is currently adding an average of only 1,500- 2,000 MW to the grid compared with more than three times that amount at the end of last week. The nuclear supply situation was boosted after HEW’s Brunsbuettel 806 MW nuclear plant was restarted on Monday afternoon, albeit not at full capacity. “Supply is good and getting better in both Germany and in France, there’s a lot of juice in the system,” said one market participant. Aside from Brunsbuettel, there is talk that the only two nuclear power plants left offline, Isar 1 and Obrigheim, may return to the grid at the beginning of Week 45. The curve was also boosted by oil prices, which rose to more than $55 per barrel on Monday after strike threats by Norwegian producers. RB
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