European spot prices climbed on Monday as wind power supplies were expected to retreat from already low levels and demand was expected to rise.
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The German day-ahead base load contract (TRDEBD1) was at €183 ($208.71) per megawatt hour by 0808 GMT, up 30.4% from the closing price on Friday for Monday delivery.
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The equivalent French contract (TRFRBD1) was untraded, with a bid-ask range of €128-€136/MWh.
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Wind power supply in Germany is expected to fall by 2.8 gigawatts to 3.3 GW on Tuesday, while wind levels in France are expected to dip 230 megawatts to 2.8 GW, LSEG data showed.
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Demand in France is expected to rise by 1.7 GW to 43.7 GW, the data showed.
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“Evening hours remain the most expensive amid dragging cooling demand, although it is declining compared to last week as temperatures gradually come back closer to normal,” said analysts and Engie’s EnergyScan.
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Curtailments at three French nuclear reactors due to high river temperatures persisted, with production reduced by 3.4 gigawatts across the three reactors, and the outages expected to ease over the coming days, operator EDF data showed.
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The weather-related nuclear curtailments peaked at over 8 GW over the weekend, RTE data compiled by climate monitor Callendar showed.
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The more than 8 GW of unavailability combined to make the highest unavailable capacity and the earliest significant losses in a year, Callendar CEO Thibault Laconde said.
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Nuclear was far from the only activity impacted, with reduced capacity and incidents affecting refineries, railways, and electricity grids, a symptom of infrastructure built for a climate that no longer exists, Laconde said.
($1 = 0.8768 euros)