Curve prices soften as spot falls on lower temperatures, wind, rain
Prices on the French power curve fell on Wednesday after higher wind energy and cooler temperatures sent spot prices lower. “There’s lots of rain in France and Switzerland and lots of hydro production,” said one market participant. The wind capacity forecast is around 1,000 MW for Wednesday, rising to around 3,000 MW on Thursday, said traders. EdF, which may have had excess capacity due to maintenance on the UK/France subsea power cable, was heard selling large volumes in the morning, particularly Day-ahead Peakload. “Everyone is looking at the spot market and when that softens everything comes off,” said one player. Dayahead Baseload on the Powernext exchange outturned at EUR 31.60/MWh, around EUR 1.00/MWh lower than on the OTC. Day-ahead Peakload was around EUR 1.00/MWh higher than the OTC but lower results from the German EEX exchange added to the bearish sentiment, said traders.
On the curve, Q1 ’05 Peakload traded at EUR 49.80/MWh, while November ’04 Peakload went through at EUR 43.85/ MWh and at EUR 43.80/MWh. November ’04 Baseload traded down from EUR 32.85/MWh to EUR 32.75/MWh. December ’04 Peakload was heard to trade at EUR 44.50/ MWh. January ’05 Baseload went through at EUR 36.96/ MWh. RB
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