Freezing weather gripping France drove up power demand to the highest since February, forcing coal-fired plants to ramp up output.
French power demand climbed to 74 gigawatts at 11:45 a.m. local time, and is set to peak at about 75.3 gigawatts at 7 p.m. on Wednesday, according to Bloomberg forecasts.
Temperatures in France have plunged since Christmas as an Arctic airmass dips south and brings a wave of unusually cold weather to northern and central Europe. Average temperatures across the country will hover around -1C on Wednesday, almost 6C below the 30-year norm, according to analysis from MetDesk and data from AG2 and the European Centre for Medium-Range Weather Forecasts.
Traders are watching the icy weather and rising energy demand across Europe for signs of spillover into longer-dated power contracts. Sharp cold snaps typically force a draw on gas reserves, lifting broader energy futures.
French power prices for delivery on Tuesday eased slightly after settling at their highest level in over a month the day before, and exceeding those in Germany for only the second time in December, according to data from EPEX Spot.
The cold spell is set to continue through mid-January, AG2 data show.
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