German February Power Stable After Rising to Record Yesterday
Power for February delivery in Germany was little changed after rising to a record yesterday on forecasts of cold weather. The equivalent French contract fell for the first time in four days.
Baseload German next-month electricity, for supplies delivered around the clock, rose 0.1 percent to 51.15 euros ($67.09) a megawatt-hour as of 12:30 p.m. Berlin time. The French February contract, which yesterday rose as high as 60 euros, the most since Dec. 4, lost 0.6 percent to 59.15 euros a megawatt-hour.
Prices surged yesterday on forecasts for freezing weather. Low temperatures in Frankfurt are forecast to drop to minus 9 degrees Celsius (16 Fahrenheit) until Jan. 22, from 3 degrees today. The German February contract, which gained as much as 3.2 percent yesterday to a record 51.85 euros, is unlikely to rise above 51.50 euros in the near future, said Frank Woskowski, a power trader at AVU AG fuer Versorgungs-Unternehmen.
“The contract failed to rise above this level on Dec. 4 and Nov. 15 and should be capped here for now,” Woskowski said by phone from Gevelsberg, Germany.
German power for delivery in 2014, a European benchmark, was little changed at 45.15 euros a megawatt-hour.
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