European power contracts for February delivery climbed as fuel prices advanced on forecasts for freezing weather.
German February power added as much as 3.2 percent to a record while the equivalent French contract gained 3.5 percent, according to broker data compiled by Bloomberg. Dutch gas for next-month rose 2.4 percent as European Union emissions permits gained 4.7 percent.
German baseload power, for supplies delivered around the clock, increased as much as 1.60 euros to 51.85 euros ($67.52) a megawatt-hour, the highest since the contract started trading in October, and was at 51.10 euros at 5 p.m. in Berlin. French month-ahead electricity rose as much as 2 euros to 60 euros, the most since Dec. 6.
Dutch next-month gas, the benchmark for mainland Europe, added as much as 65 cents to 27.90 euros a megawatt-hour, while EU carbon permits for December rose 30 cents to 6.64 euros a metric ton on the ICE Futures Europe exchange in London. Power can track fuel and emissions prices, which affect the cost of production at plants that burn fossil fuels.
Low temperatures in Frankfurt are forecast to decline to minus 8 degrees Celsius (18 degrees Fahrenheit) on Jan. 15 versus a five-year average for the time of year of zero degrees, according to CustomWeather Inc. data on Bloomberg. Minimum temperatures in Paris are expected to fall to minus 6 degrees on Jan. 15, compared with 7 degrees today.
Next-week power in Germany added as much as 22 percent to 55 euros while the French contract added as much as 39 percent to 65 euros, broker data show. Both contracts rose to the highest since Dec. 7.
Electricite de France SA had an unplanned halt at its 890- megawatt Dampierre-4 nuclear power plant, French grid operator RTE says on its website.
German 2014 power, a European benchmark, was little changed at 45.20 euros a megawatt-hour, broker data show.
To contact the reporter on this story: Rachel Morison in London at email@example.com
To contact the editor responsible for this story: Lars Paulsson at firstname.lastname@example.org