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European 2014 Power Declines to Record as Emissions Permits Fall

Updated on

Power contracts for 2014 delivery in Germany and France slid to record lows as December European Union emissions permits dropped to the lowest since trading began in April 2008.

German 2014 power, a European benchmark, lost as much as 0.5 percent while the equivalent French contract fell 0.3 percent, according to broker data compiled by Bloomberg. Carbon allowances for December declined as much as 3.1 percent.

German baseload power, for supplies delivered around the clock, fell as much as 20 cents to a record 44.20 euros ($58.67) a megawatt-hour, according to broker data compiled by Bloomberg. The contract traded at 44.21 euros as of 4:55 p.m. Berlin time. French year-ahead electricity fell 15 cents to 46.85 euros, the lowest since the contract started trading in January 2011.

EU carbon permits for December slid as much as 19 cents to a record 5.86 euros a metric ton on the ICE Futures Europe exchange in London. Power can track fuel and emissions prices, which affect the cost of production at plants that burn fossil fuels.

“Power demand has reached its peak and is expected to drop by about 1 percent each year on energy efficiency measures,” Per Lekander, a Paris-based analyst at UBS AG, said in an e-mailed research note. “The renewables boom across Central Europe is a key negative driver for power prices.”

The share of renewables in German power production rose to 21.9 percent in 2012 from 20.3 percent in 2011, the BDEW utility lobby said in a report yesterday.

Next-Week Power

Power contracts for next-week delivery in Germany erased earlier gains dropping 0.1 percent to 54.35 euros a megawatt-hour, while the equivalent French contract was unchanged at 63.50 euros, broker data show.

Low temperatures in Frankfurt are forecast to decline to minus 10 degrees Celsius (14 Fahrenheit) on Jan. 18 versus a 10-year seasonal average of minus 4 degree, according to CustomWeather Inc. data on Bloomberg. Minimum temperatures in Paris are expected to fall to minus 5 degrees on Jan. 17, compared with a 10-year average of 5 degrees.

EnBW Energie Baden-Wuerttemberg AG is to halt its 778-megawatt Heilbronn-7 coal-fed power plant later today, the company said on its website. The station is scheduled to start Jan. 13.

RWE AG started its 607-megawatt Neurath-D lignite-fed power plant today. The unit halted on a boiler fault on Jan. 8, the company said on its website.

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