EUROPE POWER-Lower nuclear supply lifts French spot contract

PARIS, Oct 7 (Reuters) – The French spot power price rose on Tuesday as nuclear power supply in the country dropped, while gains in wind and solar power in Germany are expected to outweigh an increase in demand. French day-ahead power was up 7.5% to 93.50 euros ($109.13) per megawatt hour at 0908 GMT, while the equivalent German contract was untraded with an ask price of 129.50 euros/MWh, LSEG data showed. Wind power output in Germany is expected to tick up 310 megawatts to 8.3 gigawatts on Wednesday, while French output is expected to increase 300 MW to 1.7 GW, LSEG data showed. Residual load is reduced in Germany on Wednesday and the hourly changes in wind supply should lower the German baseload contract in the first half of the day, said LSEG analyst Marcus Eriksson. Meanwhile, German solar power generation is expected to rise 2.3 GW to 6.2 GW, the data showed. The International Energy Agency cut its global forecast for renewable power growth by 2030 by 248 gigawatts from last year's outlook, citing weaker prospects in the United States and China, even as solar power continues to drive record additions. German power consumption is expected to rise by 1.2 GW to 57.8 GW on Wednesday, while demand in France is projected to dip by 230 GW to 46.8 GW, LSEG data showed. French nuclear availability fell two percentage points to 74% of total capacity as the Nogent 2 reactor went offline with a planned outage. The German year-ahead baseload contract shed 0.1% to 88.03 euros/MWh, while the French front-year contract was up 1.1% to 60 euros. The European carbon market's benchmark 2025 contract was down 0.3% at 78.52 euros a metric ton. Germany's economy minister on Mondayunveiled a 6 billion euro funding initiative aimed at industrial decarbonisation, incorporating carbon capture and storage (CCS) technology into the country's climate protection contracts for the first time. ($1 = 0.8568 euros) (Reporting by Forrest Crellin, additional reporting by Vera Eckert; Editing by Andrew Cawthorne)

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