FRANKFURT, May 14 (Reuters) - European prompt power prices gained in wholesale market trading on Tuesday as demand nudged up amid industry consumption gathering pace in the working week, which overrode the effect of some renewable supply gains.
German baseload power for Wednesday was at 37.3 euros ($40.23) per megawatt hour (MWh) at 0730 GMT, up 26.9% from the previous close.
French day-ahead power was in a 15-19 euros/MWh bid-ask range following a settlement at 14 euros.
"Consumption rises in the peak hours in Germany, together with an increase in expected wind power for all hours before 2000 CET (1800 GMT) and a strong reduction in solar power, netting in a day-on-day residual load drop for tomorrow," said LSEG analyst Sebastian Sund.
Power consumption in Germany was expected to increase by 800 megawatts (MW) day-on-day to 55.0 gigawatts (GW) and rise by 400 MW in France to come in at 43.4 GW on the day-ahead, LSEG data showed.
German wind power output was expected to rise by 5 GW to 28.3 GW while that in France was due to lose 2 GW and reach 3.7 GW in the period.
Solar output should be mixed, with Germany losing 600 MW to 13 GW but France likely doubling generation to 3.1 GW day-on-day.
French nuclear availability rose two percentage points to 70% of capacity.
German year-ahead baseload shed 1.1% at 91.3 euros while the equivalent French contract was untraded after closing at 81.5 euros/MWh.
European CO2 allowances for December 2024 did not change hands, having closed at 68.12 euros a metric ton.
Solar farms produced over 60% of Germany's electricity for several hours a day over the past week as greater sunshine intensity combined with expanded solar capacity.
A draft document showed on Monday that European Union countries will ask Brussels to increase funding for power grids to renew infrastructure and make it fit for meeting clean energy goals. ($1 = 0.9272 euros) (Reporting by Vera Eckert, editing by Christian Schmollinger)
