Daily (09.09.2019): The German spot power price spiked by 11% on Friday on forecasts for lower wind and solar power generation

09/09/2019 11:38 Daily

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Oil prices rose on Friday following the declaration of the head of the U.S. Federal Reserve that the central bank will act properly to sustain an economic growth in the world’s biggest economy. Brent crude gained 1% to close at $61.54 a barrel. WTI futures added 0.4% to end at $56.52 a barrel.

Expectations for cooler weather and lower wind output boosted British wholesale gas prices on Friday. The UK day-ahead gas price spiked by 19.6% to 25.00 p/therm. Meanwhile, The Q4 2019 delivery contract settled 1.3% higher at 40.65 p/therm.


European power prices surged on Friday lifted by expectations for lower wind and solar output, and strong demand. The German day-ahead power price jumped by 11% to 35.94 euros/MWh. The French spot electricity price rose by 1.9% to 32.77 euros/MWh.

 
Along the curve, power prices were bullish on Friday,  tracking higher gas and oil prices. The German Cal20 delivery contract traded 0.7% higher at 47.82 euros/MWh, while the French equivalent ended 0.2% higher at 49.60 euros/MWh.

 
Aggressive selling and a big jump in auction supply as well as weaker economic data put pressure on carbon prices, which traded close to €25 on Friday. The 2021-expiry contract closed 1.7% lower at 25.67 euros/tonne.

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