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EUROPE POWER-German year-ahead benchmark hits more than two-year high

FRANKFURT, Feb 8 (Reuters) - German wholesale power for 2022 soared to the highest price in more than two years, boosted by gains across fuel and carbon markets on a combination of cold weather, energy policy and oil producer moves.

* German Cal ‘22 baseload power, the European benchmark contract for round-the-clock electricity, stood at 54 euros ($65.02) per megawatt hour (MWh) at 0812 GMT, a contract record and up 1.9% from Friday.

* The continuous year-ahead position on the EEX power bourse was last at this level on Dec. 27, 2018.

* The French 2022 contract was untraded. Its Friday close of 53.90 euros was just off a contract high.

* December 2021 expiry European CO2 allowances were up 2.3% at 39.08 euros a tonne, a contract high, driven by policies enforcing tighter supply.

* Brent oil was 1.3% up at a one-year high of $60.10 a barrel on producer moves to cut supply and expectations for further U.S. economic stimulus measures.

* Hard coal for northern European delivery in 2022 was untraded after closing at $66.30 a tonne.

* Spot power also gained strongly on the current split polar vortex weather phenomenon, which has brought bitter cold to the region.

* The cold snap boosts power demand, especially in France because of heavy reliance on electric heating. Germany’s power market is less exposed to cold weather than France because its heating infrastructure is based on oil and gas.

* German baseload power for Tuesday was at 64 euros , up 27.4% from Monday delivery, while French day-ahead power was up 18.2% at 65 euros.

* Daily demand is expected to rise by 3.5% day on day in Germany to 64.6 gigawatts (GW) on Tuesday and by 6.5% to 73.6 GW in France, Refinitiv Eikon data shows.

* Parts of the river Rhine in Germany were still closed to shipping after heavy rain and snow, but water levels were starting to fall. ($1 = 0.8305 euros) (Reporting by Vera Eckert Editing by David Goodman )

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