FRANKFURT, Oct 17 (Reuters) – European prompt power prices rose on Monday as strike action in the French energy sector caused delays to maintenance on utility EDF’s reactor fleet and drew on electricity supply elsewhere in the region.
Strikes were affecting work at French nuclear power plants, with power production reduced by a total of 2.2 gigawatts, a union representative told Reuters.
The action made France a net power importer of 4 gigawatts (GW) from neighbouring countries including main producer Germany and curbed online availability of reactor capacity at about 45%.
German baseload power delivery for the day ahead traded at 186 euros ($181.35) per megawatt hour (MWh) at 0945 GMT, up 2.2% from Monday delivery.
The French Tuesday contract was up 6.7% at 198.50 euros.
Wind power supply in Germany was forecast to drop by 4 GW day on day to 10.9 GW on Tuesday and to halve in France to 2.3 GW, Refinitiv Eikon data showed.
Power demand in Germany is projected to rise by 1.7 GW to 57.7 GW and edge 300 MW higher in France to 45.1 GW, with the current mild weather expected to become a little colder, though October has been historically very warm overall.
Power curve contracts were mostly lower while oil prices gained, carbon emissions permit prices dropped and gas also declined because of high storage levels.
German baseload power for 2023 delivery was untraded in a 407-421 euros bid/ask range after its last close at 418.80 euros.
The equivalent French position was untraded after settling at 550 euros.
European CO2 allowances for December 2022 expiry shed 1.1% to 67.30 euros a tonne.
European Union leaders meeting at the end of this week will explore a range of options for gas price caps, over which they have been divided for weeks, according to a draft of summit conclusions seen by Reuters.
Russian gas company Gazprom, meanwhile, said plans to cap Russian gas export prices would cause supplies to be halted. ($1 = 1.0256 euros) (Reporting by Vera Eckert Editing by David Goodman )
