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German 2013 Power at Record Low on Coal, Credit Suisse Estimates

German electricity for delivery in 2013 fell to a record as coal prices declined a seventh day and Credit Suisse reduced forecasts for European power.

German power for 2013 dropped as much as 0.3 percent to 45.52 euros ($59.29) a megawatt-hour. That’s the lowest level for a year-ahead contract since May 2008, according to broker data compiled by Bloomberg. The contract traded at 45.55 euros a megawatt-hour at 4:25 p.m. in Berlin.

Thermal coal for delivery next year to Amsterdam, Rotterdam or Antwerp slid as much as 0.6 percent to $94.25 a metric ton, in its longest series of decreases since August. It traded at $94.40 a ton at 3:25 p.m. in London.

Credit Suisse cut forecasts for European power for 2013 to 2015 by 6 percent to reflect expectations of unchanged power demand resulting from lower economic growth, energy efficiency and rising consumer bills. Meanwhile, overcapacity is poised to grow, analysts led by Vincent Gilles said in an e-mailed research note.

“We expect the market to remain over-supplied for this decade,” Gilles said in the note.

German baseload electricity for tomorrow fell 2.6 percent to 66.75 euros a megawatt-hour, broker data on Bloomberg showed.

Output from wind turbines in Germany was forecast to rise to more than 5,000 megawatts tomorrow, according to the website of Meteologica SA, a Madrid-based weather bureau. Wind generation was at 1,378 megawatts at 1:45 p.m. in Berlin, less than a third of the 12-month average of 5,100 megawatts, according to data from European Energy Exchange AG in Leipzig, Germany.

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