PARIS, Jan 29 (Reuters) - European prompt power prices rose on Monday on expectations of higher demand in Germany and France as well as an expected worker strike at French nuclear operator EDF.
German baseload power for Tuesday was at 78.20 euros ($84.57) per megawatt hour (MWh) at 1056 GMT, up 8.6% from the price paid on Friday for Monday delivery.
French day-ahead power gained 11.3% to 78.50 euros/MWh.
Wind power and consumption are forecast to rise in Germany day-on-day, netting in a drop in residual load from the morning, LSEG analyst Sebastian Sund said.
Power consumption in Germany is expected to rise by 1.6 gigawatts (GW) to 62.7 GW on Tuesday while demand in France is projected to rise by 2.1 GW to 57.1 GW, LSEG data showed.
On the supply side, German wind power output was expected to rise 4.4 GW on Tuesday to 19.3 GW while French output was expected to fall 2.1 GW to 3.5 GW, LSEG data showed.
LSEG analysis showed wind power supply in Germany is expected to increase steadily through the week to a peak of around 34 GW on Friday.
French nuclear availability was flat at 83% of total capacity.
Workers are expected to strike at French state-owned power group EDF on Tuesday, demanding a bigger pay increase than the one currently on offer from EDF management.
German year-ahead power was down 0.5% at 80.50 euros/MWh while the French equivalent, Cal '25, was untraded with a bid price at 77.75 euros/MWh.
European CO2 allowances for December 2024 fell 0.2% to 63.44 euros a metric ton.
($1 = 0.9246 euros) (Reporting by Forrest Crellin Editing by Mark Potter)
