European far curve power rose Tuesday morning as European coal opened strongly with the German Cal-19 baseload contract edging up to a new high of Eur37.35/MWh before coming off later in trading.
German Cal-19 temporarily at Eur37.35/MWh
Front-year coal opens strong, eases to $79.10/mt
Spot eases on plant availability, more wind
As coal prices dropped to $79.10/mt in late morning trading, just below Monday's close, German Cal-19 power power delivery was last seen at Eur37.10/MWh, steady on the day. When the German Cal-19 hit a record high Monday, traders linked the price surge in forward power to recent coal gains.
Carbon allowances for December 2018 stood at at Eur13.23/mt, 10 euro cent down, at 11:38 London time.
In France the year-head was not seen trading in the morning but far curve prices were slightly elevated, with Cal-20 baseload 20 euro cent higher on the day at Eur40.85/MWh.
German and French day-ahead power delivery eased amid coal and lignite availability set to rise and higher wind generation, a trader said.
In Germany, day-ahead baseload was last seen at Eur33.30/MWh, down Eur2.70, while the peakload contract fell Eur3 to Eur36/MWh before 11 am in London.
"There are 19.5 GW wind output on average forecast for Wednesday but what is pressurizing the price is the additional plant availability of 2 GW," a trader said.
Hard coal and lignite availability was pegged for Wednesday at 12.3 GW and 17 GW respectively, EEX Transparency data showed.
In France day-ahead baseload was Eur1.55 lower at Eur40.25/MWh, while peakload stood at Eur44.75/MWh, down Eur1.
