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European 2014 Power Slides to Record as European Coal Declines

Jan. 21 (Bloomberg) -- European power for 2014 delivery fell to a record as European coal declined to an all-time low.

Baseload German 2014 electricity, for supplies delivered around the clock, slid as much as 1.2 percent, while the French equivalent lost 0.9 percent, according to broker data compiled by Bloomberg.

The benchmark contract declined as much as 50 cents to 42.20 euros ($56.22) a megawatt-hour, a record, and was trading at 42.30 euros at 5 p.m. in Berlin. In France, the contract slid 45 cents to 45.30 euros, the lowest since Bloomberg started tracking the contract in January 2011.

European 2014 coal for delivery to Amsterdam-Rotterdam-Antwerp declined as much as 0.9 percent to $98.40 a ton and was trading at $98.80, broker data show. Power can track emissions and coal, which affect production costs.

February power in Germany lost as much as 3.8 percent to a record 44.50 euros while the equivalent French contract slid as much as 4.6 percent to 51.50 euros a megawatt-hour, the lowest since the contract started, broker data show.

Low temperatures in Frankfurt are forecast to decline to minus 9 degrees Celsius (16 Fahrenheit) on Jan. 26 versus a 10-year seasonal average of 2 degrees, according to CustomWeather Inc. data on Bloomberg. Minimum temperatures in Paris are expected to fall to minus 10 degrees tomorrow, compared with a 10-year average of 5 degrees.

Most of the European mainland will be warmer than normal in February, forecaster WSI Corp. said today in an e-mailed statement.

Demand in France, Europe’s second-biggest power market, may reach 88,000 megawatts tomorrow, according to a forecast on the website of Reseau de Transport d’Electricite, the network operator. That compares with 83,754 megawatts today.

Electricite de France SA had an unplanned halt at its Gravelines-6 nuclear power plant yesterday, RTE said on its website. The 910-megawatt unit is scheduled to start on Jan. 25.

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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