EUROPE POWER-German spot price up on rising demand, lower temperatures

PARIS, Sept 29 (Reuters) – Low temperatures in Europe and seasonally low wind power supply in Germany are driving the Tuesday spot power contracts higher. German baseload power for Tuesday was at 140 euros per megawatt hour as of 0845 GMT, while the equivalent French contract was at 68.25 euros/MWh, LSEG data showed. The Monday contract was untraded on Friday. German wind power output was expected to rise by 2.1 gigawatts to 6.5 GW on Tuesday, while French output was projected to drop 390 megawatts to 2.5 GW, LSEG data showed. German wind generation is up compared to Friday, but remains almost 10 GW below normal, said LSEG analyst Naser Hashemi. Solar power output in Germany was expected to fall by 2.1 GW to 8.1 GW, the data showed. LSEG data showed that wind power is expected to remain around Tuesday levels throughout the week until they jump to just under 19 GW on Friday. French nuclear availability was down one percentage point to 81% of total capacity. A strike notice from late October 1 through to October 2 was issued at French nuclear operator EDF on Friday. Power consumption in Germany is projected to rise by 2.2 GW to 56.7 GW on Tuesday as average temperatures in the country fall by 1.3C to 11.5C while demand in France is forecast to rise by 1.7 GW to 46.5 GW, LSEG data showed. German year-ahead baseload power shed 1% to 85.80 euros/MWh while the French equivalent was untraded with a bid-ask range between 56.65 euros and 57 euros, LSEG data showed. The German forward curve market looks set to retreat from Friday gains as forecasts show warmer and windier weather from the end of the week paired with lower gas and carbon contracts on Monday, Mind Energy analysts said. In the European carbon market, the benchmark contract shed 0.9% to 75.29 euros a metric ton. (Reporting by Forrest Crellin; Editing by Janane Venkatraman)

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