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German-French cross-border June power capacity awarded at Eur2.98/MWh

Highlights

* 415 MW awarded (5,584 MW requested) to 20 participants
* France-Germany at Eur0.26/MWh with 350 MW awarded
* June power contracts up sharply on hot weather forecast

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A total of 415 MW of monthly German-French cross-border transmission capacity for June was sold at auction at a price of Eur2.98/MWh ($3.35/MWh), according to data published by European auction site Joint Allocation Office (JAO) Monday.

Some 36 market participants requested 5,584 MW of capacity with 20 participants awarded, it said.

In the reverse direction, 350 MW were awarded at Eur0.26/MWh to eleven participants.



French baseload power for June delivery rose sharply Monday with higher temperatures forecast -- trading as high as Eur34.75/MWh on the EEX exchange, while German June baseload power prices were also up over Eur1 from Friday's close trading at Eur31.95/MWh on the exchange by 2 pm London time.

Nuclear availability should be higher in both countries with German reactor availability scheduled to reach 100% for the first time in 2017 should the Brokdorf reactor return as planned on June 2, transparency data shows.

Germany and France are Europe's biggest power exporters, with strong seasonal as well as daily fluctuations.

German spot power is driven by wind and solar, while French spot power prices remain highly temperature-driven during the winter and generally dependent on nuclear availability during the summer with hot weather a risk factor due to cooling water restrictions for river-based reactor once river temperatures reach a critical level.

Beside monthly and annual transmission auctions, commercial cross-border flows are also allocated through the so-called flow-based market coupling via the spot exchanges across the Central Western Europe (CWE) region.

--Andreas Franke, andreas.franke@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com