EUROPE POWER-Spot stable to higher at the end of the holidays

FRANKFURT, Nov 1 (Reuters) – European power prices were flat in Germany on Tuesday and higher in France as the November 1 holiday in parts of the region was set to end and temperatures were expected to drop after a mild October.

“Wind and solar energy are increasing day by day, but the increase in renewable energy production is offset by a physiological sharp increase in consumption,” Refinitiv analysts said.

German baseload for Wednesday delivery traded at 78 euros ($77.52) per megawatt hour (MWh) at 10:30 GMT, unchanged from Monday’s close, while the equivalent French price gained 3.2 % at 104.3 euros.

According to data from Refinitiv Eikon, temperatures fell 1.8 degrees Celsius in Germany in one day to 10.6 degrees and 1.7 degrees in France to 13.4 degrees.

Daily electricity consumption in Germany is expected to increase by 5.3 gigawatts (GW) to 57.5 GW. That in France was seen to decrease by 1.1 GW to 43 GW on Wednesday.

Nuclear capacity in France gained one point to 51% of installed capacity and in Germany, the Isar 2 reactor joined the network.

On the forward curve, German one-year base load lost 4.4% to 357 euros/MWh, following lower carbon.

The equivalent French position was not traded after closing at 470 euros.

Germany will this week finalize the recommendations of a gas expert commission for a cap on gas prices to help consumers cope and encourage industry to stay in the country and preserve the jobs.

German industry cut gas consumption by nearly a fifth last month, after a slump in Russian gas exports sparked a continent-wide energy crisis that sent oil prices soaring. energy, according to a study by the Hertie school.

A note published by internet portal Check24 on Monday showed that an average German household consuming 5,000 kilowatt hours (kWh) of electricity paid 2,187 euros for an annual supply contract in October.

This exceeded the price observed in October 2021 (1,556 euros) by 41%. ($1 = 1.0062 euros) (Reporting by Vera Eckert; Editing by Shailesh Kuber)

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