FRANKFURT, July 4 (Reuters) - European power curve prices
soared on Monday as uncertainty about gas supplies out of Russia
dominated the market in the wake of last week's call for state
help by major German utility Uniper.
Governments have to prepare to help more companies squeezed
between expensive spot gas and under-supply from inexpensive
long-term contracts that are not being met by Russia amid
east-west confrontations over war in Ukraine and
German year-ahead baseload power was at 322.50
euros per megawatt hour (MWh) at 1505 GMT, up 9.9% but below an
earlier contract high of 328 euros, while the equivalent French
contract was at 390.80 euros, up 7.2% but below an earlier
record of 393 euros.
Several German and French monthly and quarterly contracts
stood at record highs.
Uniper said gas receipts remain at 40% of normal
levels while the wider market is factoring in possible long-term
disruptions after maintenance on the Nord Stream 1 pipeline is
completed following a routine closure over July
Germany's energy regulator warned in a Monday media
interview that 15 billion euros of credit lines provided by the
government to buy gas for storage facilities may not be enough
to plug gaps.
On Saturday the regulator listed priority areas for power
access that would have to be protected if there were severe gas
Daily flows of Russian gas to Europe via the Nord Stream 1
pipeline and through Ukraine were steady.
European CO2 allowances for December 2022 expiry
were 1% down at 84.77 euros a tonne.
Spot power was higher on tight supply and rising demand.
French utility EDF lost about 1 gigawatt (GW) of nuclear
power capacity until 1500 CET on Monday because of a strike at
its Saint Alban 1 reactor, which boosted some hourly prices on
the EPEX SPOT bourse to above 400 euros.
French nuclear availability had dropped by 1.4 percentage
points from its level on Friday to stand at 47.9% of
Germany's day ahead baseload power contract was up 1.3% at
321 euros/MWh and the equivalent French contract was up 3.9% at
($1 = 0.9570 euros)
(Reporting by Vera Eckert
Editing by Arun Koyyur and David Goodman)