2024-11-21 06:40:00
GERMAN ELECTRICITY PRICES UP
BLOOMBERG - Nov 18, 2024 - German power prices rose to their highest in more than a year on a forecast for plunging temperatures and a drop in renewable energy output.
Next-month futures in Europe’s biggest economy surged as much as 4.4% on Monday to the highest level since October last year. The equivalent contract in France rose 4.3%.
After a relatively mild autumn, winter weather is set to arrive on most of the continent, pushing up demand for both electricity and natural gas. Bloomberg’s weather model shows that it will be even colder than previously expected for the next week or so. Further out, the temperature in Berlin is expected to drop below 1C (34F) on Dec. 3, compared with an earlier forecast of almost 3C.
Estimates for wind power output in Germany have also been revised down for most of this week, although production is expected to pick up again toward the end of the month.
Colder weather also means that utilities and traders are withdrawing more natural gas from storage sites, which is pushing up prices for the fuel. Futures are near their highest level in more than a year amid uncertainty over flows from Russia.
German month-ahead power rose 3.1% to €108 per megawatt-hour on the European Energy Exchange AG. The French contract was trading at €101.5.
-----
Earlier:
2024, May, 17, 06:50:00
GERMAN INDUSTRIAL PRODUCTION DOWN
Production decreased 0.4% in March, led by drops in consumer and intermediate goods, and energy, the statistics office said Wednesday.
2024, April, 8, 06:25:00
GERMAN FUSION 2040
Germany would significantly increase research funding for fusion with an additional EUR370 million (USD403 million) over the next five years.
2024, March, 26, 06:45:00
GERMANY, CANADA HYDROGEN MARKET
While hydrogen is at the core of Europe’s plans to eventually wean itself off fossil fuels, there are currently few buyers for the gas as it’s expensive to produce and requires infrastructure investments to make its use more viable.
2024, February, 26, 06:35:00
GERMANY'S RECESSION UP
The government on Wednesday slashed its growth forecast for this year to 0.2% from 1.3%, after a contraction in 2023.
2024, February, 21, 06:45:00
GERMANY IN RECESSION
While the outlook is weak, the bank said it expects no major deterioration in the labour market, which has insulated the economy so far, and Germany was not facing a broad-based, prolonged recession.
2024, February, 16, 06:30:00
GERMANY'S ECONOMY DOWN
The European Commission on Thursday said Germany will be the biggest drag on euro zone growth this year and next, with growth of only 0.3% in 2024 rather than 0.8% expected in November and 1.2% in 2025, after a 0.3% recession last year.
2024, February, 13, 06:35:00
GERMAN - RUSSIAN NATIONALISATION
In a statement, Rosneft’s law firm Malmendier Legal said such an expropriation would be “unprecedented in Germany’s post-war history” and that the Kremlin-controlled company would take “all necessary measures” to protect the rights of its shareholders.
2024, February, 9, 06:10:00
GERMANY'S INDUSTRIAL PRODUCTION DOWN
Industrial production fell in December by 1.6% compared with the previous month. Analysts polled by Reuters had predicted a 0.4% fall.
