Yahoo Finance EUROPE POWER-Prompt mixed, weather turns milder, demand eases
FRANKFURT, Dec 19 (Reuters) - Day-ahead prices were mixed in the European wholesale electricity market on Monday as temperatures rose after a cold snap and consumption was already easing ahead of the holiday season that starts at the coming weekend.
German Tuesday delivery baseload was at 186 euros a megawatt hour (MWh) at 1025 GMT, 58.2% below the price paid for Monday.
The equivalent French contract traded at 199 euros, was up 2.1% after an initially weaker start.
Power demand in Germany is seen down by 2.8 gigawatt (GW) on Tuesday from Monday levels to arrive at 59.5 GW, while usage in France is expected to plummet 4.1 GW to stand at 59.7 GW, Refinitiv Eikon data showed.
Temperatures in Germany are seen rising 2.9 degrees Celsius to 5.4C while the average temperature in France is forecast to gain 1.5C to 11C.
French nuclear availability was down by two percentage points from Friday at 68% of available capacity.
Utility EDF said both the Penly 2 and Golfech 1 reactors will add months to their outages up to June 11, compared with previously targeted completions at end-Jan and mid-Feb.
Along the curve, German baseload for 2023 delivery was untraded after a close at 301 euros while the same French position fell 2.1% to 335 euros/MWh.
Renewable energy accounted for 46.9% of German power consumption in 2022, up 4.9 percentage points from a year earlier.
A reform of the European Union's electricity market next year may consider extending an existing emergency limit on non-gas-fuelled power plants' revenues to be more permanent, a draft document showed.
Policymakers form France and Germany said they will be especially cautious about the proposal.
EU negotiators reached a deal on Sunday to overhaul the bloc's carbon market with tighter rules.
Last minute talks were underway in Brussels on Monday in an effort to agree to a cap on gas prices, that has split opinion across the bloc as it seeks to tame the energy crisis. (Reporting by Vera Eckert, additional reporting by Forrest Crellin; Editing by Shailesh Kuber)
