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CWE Power – France June Power Retreats for Second Session

POWER
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French June power base load is retreating for the second consecutive session on Monday morning amid downward pressure placed on the contract due to high nuclear availability and above-normal temperatures in France – potentially weighing on demand. However, the upward movement of prices in the energy complex could support the contract, with the German equivalent currently trading higher due to an increase in TTF and EU ETS.

  • France Base Pwr JUN 24 down 9% at 37 EUR/MWh
  • Germany Base Pwr JUN 24 up 3.3% at 77.8 EUR/MWh
  • EUA DEC 24 up 1.2% at 76.5 EUR/MT
  • TTF Gas JUN 24 up 2.2% at 34.87 EUR/MWh
  • EU ETS DEC 24 is trading at the highest since the beginning of January, supported by gains in European gas prices. The next EUA EU Primary Auction CAP 3 will clear on 28 May at 11:00 CET.
  • France’s nuclear reactors were operating at 75% of capacity on Monday, up from 71% on Friday, according to Bloomberg calculations using data from grid operator RTE.
  • The 880MW Bugey 4 nuclear reactor is anticipated to return to the grid on 13 June, with the 1.5GW Chooz 2 reactor back online on 12 June.
  • And the 1.33GW Paulel 2 nuclear plant will return to the grid on 10 June.
  • The latest temperature forecasts in France point to mean temperatures in June at ~18C compared to an average of ~14C in May, according to a Bloomberg Model.
  • French power demand is expected to remain firm on the month at about 41GW in June, before rising to about 42GW in July – due to cooling demand, data from Entso-E show.
  • In Germany, wind output has been revised up over 28-29 May by about 1.5GW to be between 8-13GW, or 12-21% load factors. Solar PV output is forecast between 8.7-9.8GW, or 16-18% load factor over the same dates, according to SpotRenewables.
  • German power demand is forecast to remain firm on the week at between 35.1-64.2GW compared to 34.2-64.81GW in the previous week, according to Entso-E.
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French June power base load is retreating for the second consecutive session on Monday morning amid downward pressure placed on the contract due to high nuclear availability and above-normal temperatures in France – potentially weighing on demand. However, the upward movement of prices in the energy complex could support the contract, with the German equivalent currently trading higher due to an increase in TTF and EU ETS.

  • France Base Pwr JUN 24 down 9% at 37 EUR/MWh
  • Germany Base Pwr JUN 24 up 3.3% at 77.8 EUR/MWh
  • EUA DEC 24 up 1.2% at 76.5 EUR/MT
  • TTF Gas JUN 24 up 2.2% at 34.87 EUR/MWh
  • EU ETS DEC 24 is trading at the highest since the beginning of January, supported by gains in European gas prices. The next EUA EU Primary Auction CAP 3 will clear on 28 May at 11:00 CET.
  • France’s nuclear reactors were operating at 75% of capacity on Monday, up from 71% on Friday, according to Bloomberg calculations using data from grid operator RTE.
  • The 880MW Bugey 4 nuclear reactor is anticipated to return to the grid on 13 June, with the 1.5GW Chooz 2 reactor back online on 12 June.
  • And the 1.33GW Paulel 2 nuclear plant will return to the grid on 10 June.
  • The latest temperature forecasts in France point to mean temperatures in June at ~18C compared to an average of ~14C in May, according to a Bloomberg Model.
  • French power demand is expected to remain firm on the month at about 41GW in June, before rising to about 42GW in July – due to cooling demand, data from Entso-E show.
  • In Germany, wind output has been revised up over 28-29 May by about 1.5GW to be between 8-13GW, or 12-21% load factors. Solar PV output is forecast between 8.7-9.8GW, or 16-18% load factor over the same dates, according to SpotRenewables.
  • German power demand is forecast to remain firm on the week at between 35.1-64.2GW compared to 34.2-64.81GW in the previous week, according to Entso-E.