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Prices mainly firm on less wind, increasing gas prices

European area power prices were mixed on Monday, reducing in Germany however firming in France, driven by rising solar but lower wind power output, while a dive in gas prices provided additional support.

German baseload power for Tuesday was at 114.75 euros per megawatt hour (MWh) by 1015 GMT. The equivalent French agreement was at 40 euros/MWh.

Monday's prices settled at 117.14 euros/MWh and 27.75 euros/MWh respectively in the day-ahead auction on the Epex Area exchange.

While French prices continue to be pressed by heavy hydro generation and export restraints, in other places in north-west Europe, stronger need, lower wind and below-normal solar production supported rates, analysts at Engie EnergyScan said.

The spot market could, however, decline in the approaching days amid significantly rising solar production and French nuclear availability, they included an everyday note.

German wind power output was expected to fall by 4.5 gigawatts (GW) on Tuesday to 5.7 GW while French output was expected to ease by 0.3 GW to 2.1 GW, LSEG information revealed.

German solar energy supply need to rise by 2.1 GW to 13 GW, the information showed.

French nuclear availability increased two percentage points over the weekend to 68% of maximum capability.

Power usage in Germany ought to increase by 1.7 GW to 53.6 GW on Tuesday while need in France was forecasted to add 1.1 GW to 42.9 GW, LSEG information revealed.

Even more out, German year-ahead power was up 5% at 102.60 euros/MWh while the French equivalent, Cal '25,. gained 0.9% to 84.75 euros/MWh.

The German market gains were driven by the gas market,. experts at Energi Danmark stated in a note.

Europe's benchmark gas cost, the Dutch front-month contract. , increased 10% to 38.05 euros/MWh, its highest because. early December, buoyed by an outage in Norway and competition. for liquefied natural gas (LNG).

The gas-dependent German market is already worried about. the supply scenario and the most current interruptions only contribute to. this sentiment, Energi Danmark's analysts said.

European CO2 allowances for December 2024 rose. 4.3% to 77.28 euros a metric lot.