CWE July Power Inches Up

German and French power for July delivery is edging higher today amid gains in European gas prices and carbon allowances. Forecasts suggested low wind output in Germany for this.

• France Base Power JUL 24 up 0.5% at 40.8 EUR/MWh
• Germany Base Power JUL 24 up 0.6% at 76.43 EUR/MWh
• EUA DEC 24 up 0.2% at 68.44 EUR/MT
• TTF Gas JUL 24 up 0.8% at 35.63 EUR/MWh
• TTF is edging higher today after bouncing between €34.75/MWh and €36.885/MWh since June 12. Prices are still supported by supply risks from LNG competition from Asia and increased purchases from Egypt combined with curtailed Norwegian supplies and risks to Russian flows.
• EU ETS Dec 24 is edging higher today amid gains in European gas prices. The next EU EUA auction will clear today at 11:00 CET.
• German wind output is forecast to remain relatively low at 2.3GW to 10.61GW during base load on 18 to 24 June. Solar PV output is forecast at 12.89GW to 27.25GW during peak load on 18-26 June according to SpotRenewables.
• French nuclear availability rose to 70% of capacity as of Monday morning, RTE data showed, cited by Bloomberg.
• EdF’s 915MW Cruas 2 had an unplanned outage Monday morning after planned works were scheduled from 13-17 June. The reactor is scheduled to ramp up output today. The 915MW St Laurent 1 reactor had an unplanned outage on 16 June and is scheduled to return on Monday.
• French power demand is forecast to reach a maximum of 49.52GW on Monday and of 49.75GW on Tuesday according to Entso-E.
• The latest ECMWF weather forecast for Paris suggested temperatures will be slightly above seasonal normal until 22 June before rising well above normal with maximum temperatures to reach 31C on 26 June.
• Forecasts for wind output in France suggested 1.75GW-5.43GW during base load on 18-26 June. Solar PV output in France is forecast at 5.26GW-8.43GW during peak load on 18-26 June according to SpotRenewables.
• German net power imports from France stood at 2.912GW as of 7:30 CET, compared with 2.863GW at the same time on Friday, Entso-E data showed.
• The Piossasco-Grande Ile interconnector between Italy and France had an unplanned outage on Friday afternoon. Works are currently scheduled until Tuesday evening.
• Unplanned works also shut down the IFA2 Tourbe-Dædalus interconnector between France and the UK until this afternoon. The unplanned outage started late on Sunday, remit data showed.