Prices for early next week slip on renewables generation

PARIS: European spot electricity prices for early next week delivery fell in wholesale trade on Friday as forecasts showed a sharp rise in power generation from renewable wind and solar sources despite an expected increase in demand.

* Germany's over-the-counter baseload power price for Monday delivery lost 3.25 euros to 35.50 euros ($40.39) per megawatt hour (MWh), compared with the price paid on Thursday for Friday delivery.

* The French baseload contract for Monday delivery was down two euros at 32 euros/MWh compared with the price paid on Thursday for Friday delivery.

* Electricity generation from German wind turbines is forecast to jump by 6.2 gigawatts (GW) to 10.3 GW on Monday, according to Refinitiv Eikon data.

* German solar power supply will increase by 2.4 GW to 10.5 GW, the data showed.

* German nuclear availability is expected to remain stable next week with just one out of seven plants out on a planned outage until June 27.

* French nuclear reactor availability slipped by 1.4 percentage points to 68.86% of installed capacity. However, six reactors are expected to restart by Monday.

* Renewable wind and solar power generation in France will rise by a combined 740 MW on Monday to 3.7 GW.

* On the demand side, power consumption in Germany is expected to increase on Monday by 4.8 GW to 62 GW, Refinitiv Eikon data showed.

* Demand in France will rise by nearly 1 GW to 47 GW, the data showed.

* Average temperature is expected to jump next week, with forecasts showing a prolonged heat wave in both countries. Germany's average temperature is seen up 5.6 degrees Celsius on Monday. In France, it will rise by 6.5 degrees.

* A forecast by French grid operator RTE showed that average temperature will remain above seasonal level throughout next week with peak power demand at around 56 GW all week.

* On the forward curve, German Cal'20 baseload power , the European benchmark, rose 0.7% to 47.15 euros/MWh, by 1112 GMT.

* The French equivalent for 2020 delivery was at 50.10 euros/MWh, up 0.5%.

* Brent oil rallied above $65 per barrel and was set to notch up a 6% gain this week on fears of a US military attack on Iran.

* European CO2 emissions permits with December 2019 expiry slipped 0.2% to 25.05 euros a tonne.

* Hard coal for northern European delivery in 2020 was down 1.1% at $63.25 a tonne.