European spot electricity prices fell on Tuesday as demand in Germany and France was forecast to ease and wind power supply was expected to rise, while forward contracts remained untraded as gas markets stayed in a tight range.
The German day-ahead baseload contract (TRDEBD1) fell 26.85% to €149.95 ($170.31) per megawatt-hour (MWh) at 0938 GMT, LSEG data showed.
The equivalent French contract (TRFRBD1) also fell 25.2% to €95/MWh at 0938 GMT, according to the data.
"Wind and solar both stay strong through the coming weekend, driving a slight bearish bias on the spot," Engie EnergyScan said.
Consumption in Germany is expected to fall by 1.15 gigawatts (GW) to 55.43 GW on Wednesday, while French consumption is seen down by 0.25 GW at 43.4 GW, LSEG data showed.
Wind power supply in Germany is forecast to rise by 1.38 GW to 4.63 GW, while French wind output is projected to rise by 2.42 GW to 5.17 GW, the data showed.
Solar power generation in Germany is expected to fall by 3.22 GW to 14.41 GW, while French solar output is seen down by 0.36 GW at 5.85 GW.
French nuclear availability stood at about 82% of total capacity, with 11,205 megawatts (MW), or around 18%, offline.
Along the curve, the German 2027 baseload contract (TRDEBYc1) and the equivalent French year ahead contract (TRFRBYc1) were untraded at 0831 GMT.
A Mind Energy note on Tuesday said European gas prices had traded broadly sideways over the past week, with low storage levels, growing demand triggered by heatwaves and French nuclear outages offsetting bearish signals from the reopening of Hormuz.
Benchmark European carbon permits ICEENDEX:ECF1! rose by 0.43% to €79.12 a metric ton at 0939 GMT, according to LSEG data.
($1 = 0.8778 euros)