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(Bloomberg) — The spread between power prices in Europe’s two biggest electricity markets climbed to the highest so far this year amid scant wind generation in Germany.
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German day-ahead power for Thursday rose 4.3%, pushing the premium over its French counterpart to the widest since December. The growing disparity highlights the ongoing volatility gripping Germany’s energy system, which is increasingly reliant on renewables — sources that are dependent on weather.
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Wind output in northwest Europe has been lower than normal so far this year. For Thursday, Germany’s wind generation is expected to be between about 5.2 gigawatts and 11.3 gigawatts, according to a Bloomberg model, below the average of 11.8 gigawatts seen last May. The volatility of renewables output across the continent has also been evident this year by periods of below-zero prices — something that has become more common amid a solar boom.
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When output of renewables such as wind drops, Germany has to ramp up its use of more expensive fossil fuel plants, including coal, lignite, and natural gas. The country also relies on imports from other European countries. Daily imports from France are currently at the highest in at least a decade, based on a monthly average, according to data from Entso-E.
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Germany’s energy mix has changed significantly in recent years as it expanded its renewables capacity and exited nuclear.
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German day-ahead power settled at €103.18 per megawatt-hour on Epex Spot SE, the highest in two weeks. Its French equivalent dropped 54% to €10.07 per megawatt-hour.
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