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German week-ahead peakload power prices at highest since Jan on low wind, cold

Highlights

German week-ahead peakload power prices were on track to go into delivery at their highest level since January as below average wind power output tightened supply and colder temperatures boosted demand across the region, a trader said.

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Week 47 base gained 35 euro cent to Eur46.25/MWh, but week-ahead peakload rose 75 euro cent to Eur63.75/MWh, which would be the highest delivery level for such a contract since January 18, Platts data show.

Nearer in on the prompt, power for delivery this weekend was last heard at Eur34.30/MWh, down 20 euro cent from Thursday's close, but Eur8 above last weekend's price, at its highest delivery level since the October 5/6 weekend.


Saturday base last traded at Eur35.25/MWh, with Epex Spot settling the contract just below OTC at Eur35.03/MWh.

Sunday power was last heard before noon London time at Eur33.25/MWh.

Baseload power for delivery on Monday was last heard OTC before noon London time at Eur48.50/MWh, Eur1.75 below Friday's price on Thursday. Monday peakload last traded at Eur60.75/MWh, down just 75 euro cent from Friday.

Average wind power generation was forecast to remain at below average levels at 3.4 GW for Saturday, 1.5 GW Sunday and 3.6 GW Monday, according to a source.

Solar output was seen in a range between 2-3 GW for average peakload hours through to Monday, the source added.

Nuclear availability remains at its full 12.1 GW capacity, while coal plant availability for Sunday was pegged 2.5 GW lower at 13.3 GW, with lignite plants adding 18.5 GW to baseload capacity, EEX transparency data shows.

Temperatures across Germany are forecast to remain just below seasonal averages over the weekend, but will fall further by the middle of next week with CustomWeather pegging Dusseldorf 2 C below the 3-9 C norm Saturday falling to 4 C below by Wednesday.

On the near curve, December base added 25 euro cent to Eur38.45/MWh.

Further forward, Cal 14 base was heard unchanged at Eur37.60/MWh.