Daily (21.05.2019): European spot power prices soared by around 16% due to firmer consumption

21/05/2019 10:04 Daily


Oil prices diverged on Monday. OPEC’s intention to maintain output cuts coupled with the escalating tensions in the Middle East sent WTI futures up by 0.5% at 63.10 USD/bbl. Meanwhile, Brent crude lost 0.3% to settle at 71.97 USD/bbl, influenced by the high level of global crude oil inventories.

British gas prices were mixed on Monday. The NBP spot price surged by 3.7% to 30.60 p/therm, as Norwegian flows via the Langeled and Vesterled pipelines remained weak. Firmer demand from power plants due to low wind generation also supported prices. On the curve, the contract for delivery in Q1 2020 was 0.6% down at 57.28 p/therm, in the context of steady LNG arrivals.


European day-ahead electricity prices spiked on Monday. The price for the German spot power contract soared by 16.4% to 43.29 EUR/MWh amid falling solar output and higher consumption driven by cooler weather. At the same time, tight nuclear availability and increased demand supported the price for the equivalent French contract, which hiked by 15.7% to 42.65 EUR/MWh.


Along the curve, power prices remained bearish, tracking the downward trend in several gas contracts. The German power contract for delivery in 2020 ended at 48.26 EUR/MWh, losing 0.2% on a daily basis. The same decline was noticed for the equivalent French contract, which closed at 51.35 EUR/MWh.


EU carbon prices rose on Monday, supported by a stronger session and expectations for a bullish market sentiment. The price for the contract expiring in 2020 inched up by 0.8% to 25.43 EUR/tonne.

Equinor leads clean hydrogen plus CCS project in UK

07/07/2020 09:45:00

Norwegian state-controlled energy company Equinor ASA last week announced it is leading a project in the UK that combines hydrogen production and carbon capture and storage (CCS).


Enagas and BP partner on LNG, CNG as fuel in Spain

07/07/2020 09:36:00

Enagas and a unit of BP have teamed up to promote the use of LNG and CNG as fuel for the transport sector in Spain as part of a move to reduce emissions.


EDF revises 2020 forecast for French nuclear output

07/07/2020 09:16:00

EDF is revising upwards its nuclear output estimate in France for 2020, to around 315-325 terawatt-hours. In April, the French state-owned utility said it expected generation this year to be about 300 TWh, down from an initial expectation of 375-390 TWh before the coronavirus outbreak.