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German 2013 Power, EU Carbon Decline as Crude Slides on Supply

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Oct. 3 (Bloomberg) -- German power for 2013 fell to near a record as European Union carbon permits and Brent oil dropped after U.S. crude output climbed to the highest level in more than 15 years and fuel consumption decreased.

Baseload next-year electricity, for supplies around the clock, lost as much as 0.7 percent as carbon dropped as much as 4.1 percent in its longest streak of declines since Sept. 17. Brent tumbled 2.6 percent after the Energy Department said crude output rose to the most since December 1996.

Power for 2013 fell as much as 35 cents to 47.40 euros ($61.20) a megawatt-hour, near the record-low 47.30 euros on Sept. 25, according to broker data compiled by Bloomberg. The contract was at 47.50 euros at 5:50 p.m. Berlin time. Carbon for December delivery slid 24 cents to 7.63 euros a metric ton on the ICE Futures Europe exchange.

Brent for November lost $2.88 to $108.69 a barrel. Crude affects natural-gas generation costs in Europe and traders consider prices of the fuel when buying and selling long-term power contracts.

The German 2013 clean-spark spread, a calculation of the profit utilities get from selling electricity for next year after accounting for the cost of gas and emissions permits, narrowed 2.4 percent to minus 9.87 euros a megawatt-hour at 5:40 p.m., data compiled by Bloomberg show. The calculation has been negative since the beginning of this year.

Power for next month fell 1.1 percent to 48.65 euros a megawatt-hour, broker data show. The day-ahead contract gained 60 percent to 44.75 euros a megawatt-hour as demand was forecast to increase after a holiday in Germany today. The contract settled at 44.77 euros in the daily auction on European Energy Exchange AG.

To contact the reporter on this story: Rachel Morison in London at rmorison@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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