The German spot power market for Tuesday was bullish, with renewable power supply expected to fall throughout the region while demand was forecast to increase.
German baseload power for Tuesday was at 103.75 euros ($114.10) per megawatt hour (MWh) by 0850 GMT, while the day-ahead French power was at 68 euros/MWh, LSEG data showed.
That was up from closing prices of 97.25 euros and 45.50 euros respectively last Monday. Neither contract traded on Friday for Monday delivery.
Falling wind and solar supply coupled with rising consumption on Tuesday underpins the bullish signal and contributes to a significant increase of residual load, said LSEG analyst Natalia Kubaszek.
German wind power output was expected to fall by 4.7 gigawatts (GW) to 2.9 GW on Tuesday while French output was projected to drop by 1.6 GW to 2.5 GW, LSEG data showed.
France may inadvertently dodge the significant risks of offshore wind and have only three gigawatts of installed offshore wind capacity by 2032 because of licensing complexities, legal challenges and local opposition, a report by the Institute for Energy Economics and Financial Analysis said on Monday.
German solar generation was expected to fall by 1.4 GW on Tuesday to 13 GW, LSEG data showed.
Power consumption in Germany is projected to increase by two GW to 55.8 GW on Tuesday while demand in France is forecast to rise by 1.5 GW to 48.2 GW.
French nuclear availability rose one percentage point to 71 per cent of total capacity.
German year-ahead baseload power lost 2.1 per cent to 77.75 euros/MWh while the French equivalent fell 2.5 per cent to 59.65 euros/MWh.
In the European carbon market, the benchmark contract was down 4.8 per cent at 60.78 euros a tonne.
(Reporting by Forrest Crellin Editing by David Goodman)