The German spot contract for Monday rose in early trading as wind power supply is expected to sink compared to Friday, and demand in the country is seen edging up.
The German Monday baseload power contracts traded at 115.50 euros per megawatt-hour (MWh) at 0814 GMT, up 8.7% from the price paid for Friday. The equivalent French contract was untraded.
"We expect a bearish Saturday due to higher renewable production and bullish Sunday and Monday," LSEG analyst Naser Hashemi said in a note.
On the supply side, German wind power output is forecast to fall 3.9 GW to 3.4 GW on Monday, while supply in France is expected to edge up 190 megawatts (MW) to 1.2 GW, LSEG data showed.
LSEG analysis showed that wind power supply in Germany is expected to stay around 4 GW on Tuesday then rise to around 8 GW on Wednesday and Thursday.
However, German solar supply is also expected to dip on Monday, down 820 MW to 11 GW, the data showed.
French nuclear availability rose two percentage points to 71% of available capacity.
Nuclear operator EDF said it will this month trial a new wholesale model by auctioning electricity to be delivered in 2027 and 2028, as the French power giant seeks better visibility on revenues.
Power consumption in Germany is forecast to tick up 730 megawatts (MW) from Friday to 53.7 GW on Monday, while in France demand is projected to dip 780 MW to 44.7 GW, LSEG data showed.
German 2024 baseload edged up 0.8% to 130 euros per megawatt-hour (MWh), while the equivalent French position was untraded after closing Thursday at 134.25 euros/MWh.
European CO2 allowances for December 2023 expiry ticked up 0.5% to 83.32 euros a tonne.
Shell Energy Europe published details of a 15-year power purchase agreement (PPA) it struck with Hansainvest Real Assets to secure itself 600 MW capacity of what will be Germany's biggest solar park at Witznitz, due to open by end-2023.
Shell will deliver 323 MW of the contract volumes to industry customer Microsoft. (Reporting by Forrest Crellin, additional reporting by Vera Eckert, editing by Alexander Smith)