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Spot power prices surge on wind output decline, forward curve extends gains

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09/14/2017 | 09:21am CEST

European spot power prices surged on Thursday boosted by a sharp decline in wind power output, while contracts for next-year delivery extended their rally to a new 3-1/2 year high tracking gains in fuel and carbon prices.

The German Cal'18 benchmark contract <TRDEBYZ8> hit its highest level since February 2014 in early trade, adding 1.39 percent to 36.50 euros (32.84 pounds) a megawatt-hour (MWh).

The less liquid French equivalent <TRFRBYZ8> rose 1.54 percent to 42.80 euros/MWh.

December 2017 expiry EU carbon allowances <CFI2Zc1> gained 4.65 percent to 7.43 euros a tonne - a 20-months high - after the European Parliament adopted a plan to protect carbon prices against fall-out in the event of a hard Brexit.

In the spot market, the baseload German prompt power price for Friday delivery <TRDEBD1> surged 47.87 percent or 11.25 euros to 34.75 euros/MWh.

The French spot <TRFRBD1> added 17.46 percent or 5.5 euros to 37 euros/MWh.

Electricity production from German wind turbines is expected to tumble by over 12.2 gigawatts (GW) day-on-day on Friday to 14.2 GW. In France, wind generation is forecast to fall by 3.7 GW to 1.8 GW, according to Thomson Reuters data.

(Reporting by Bate Felix; editing by Richard Lough)

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