German prompt power prices remained bearish Friday as strong wind power output coincided with low demand due to the All Saints holiday and mild weather forecasts for the start of November, although slightly colder and less windy conditions were set to take hold in the second half of next week, according to sources.
Power for delivery this weekend was last heard OTC at Eur25.25/MWh, up Eur1.10 from Thursday's close, but Eur4.40 below last weekend's price.
Saturday baseload was last heard OTC at Eur27.90/MWh, with Epex Spot settling the contract below OTC at Eur25.23/MWh. Sunday baseload was last heard before noon at Eur22.75/MWh.
Baseload power for delivery Monday was last heard OTC before noon local time at Eur29.25/MWh, Eur7.75 below where Friday power closed Thursday, which was already a 20% drop from Wednesday's session, which saw the highest closing price for day-ahead baseload power since early March.
Monday peakload was heard Eur4.30 below Friday's price at Eur37.50/MWh.
Wind power generation was forecast to rise to around 5 GW for Saturday average baseload hours, 7 GW Sunday and possibly above 10 GW for Monday average baseload, according to a market source.
Wind output was forecast to peak between 10-15 GW overnight into Monday, another source said.
Solar output was forecast to stay at around 6 GW for average peakload hours Saturday and Sunday before falling sharply early next week, the source added.
Nuclear availability remained at the full 12 GW capacity, with all nine German reactors online, according to plant operators' data.
On the near curve, November base was little changed at Eur35.85/MWh, up Eur1 from a week ago, but more than Eur1 below where the contract traded at the start of October with the latest weather models trending towards slightly colder or seasonally normal temperatures following a run of mild weather outlooks.
Further out, Cal 15 base fell 10 euro cent to Eur34.45/MWh after closing Thursday at a four-week-high as gas prices and EUA carbon allowances fell back.
