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CWE Power - German Power June-July narrows discount

POWER
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German June-July power base load discount is down slightly from its monthly high set on Thursday as losses for June have been less compared to July amid forecasts for wind output next month being revised down. Temperatures are expected to rise in July from June which could increase cooling demand. In contrast, the French M1 is in red territory amid losses in the energy complex.

  • Germany Base Pwr JUN 24 down 0.9% at 75.8 EUR/MWh
  • Germany Base Pwr JUN 24 down 0.9% at 75.8 EUR/MWh
  • Germany Base Pwr JUL 24 down 1.86% at 75.8 EUR/MWh
  • France Base Pwr JUN 24 down 1.8% at 43 EUR/MWh
  • EUA DEC 24 down 0.5% at 75.43 EUR/MT
  • TTF Gas JUN 24 down 1,21% at 34.80 EUR/MWh
  • TTF is slightly down on Friday but holds overall strength this week over warmer weather, tighter LNG supplies and with Russian gas supplies to Austria at risk.
  • EU ETS DEC 24 is also trading slightly lower today – tracking losses in gas. The next German EUA auction will close on Friday 10:00AM GMT, with 1.79mn/t CO2e of volume offered.
  • The June-July discount has narrowed to €4.85/MWh on Friday morning, down from the May high of €5.88/MWh on 23 May since June became the front month.
  • In Germany, combined onshore and offshore wind output has been revised down for early next month, with wind forecast revised down by as much as 15GW for some hours on 2 June, according to Bloomberg model.
  • Wind over the 1-2 June is anticipated between 1.59-3.92GW, or loadfactors of only 2-6%.
  • Temperatures in July are forecast to rise to an average of ~19C from ~17.8C over June, according to Bloomberg model. This could raise demand in the region – supporting prices on delivery.
  • France’s nuclear reactors were operating at 71% of full capacity on Friday – unchanged on the day, according to Bloomberg calculations using data from grid operator RTE.
  • French power demand is forecast to reach an average of about 50GW today, down from a peak of 49GW on Thursday, RTE data showed.
  • French Power demand is forecast to fall between 36-38GW over the weekend, before rising to 41-43GW on 27-28 May, data from Bloomberg model show.
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German June-July power base load discount is down slightly from its monthly high set on Thursday as losses for June have been less compared to July amid forecasts for wind output next month being revised down. Temperatures are expected to rise in July from June which could increase cooling demand. In contrast, the French M1 is in red territory amid losses in the energy complex.

  • Germany Base Pwr JUN 24 down 0.9% at 75.8 EUR/MWh
  • Germany Base Pwr JUN 24 down 0.9% at 75.8 EUR/MWh
  • Germany Base Pwr JUL 24 down 1.86% at 75.8 EUR/MWh
  • France Base Pwr JUN 24 down 1.8% at 43 EUR/MWh
  • EUA DEC 24 down 0.5% at 75.43 EUR/MT
  • TTF Gas JUN 24 down 1,21% at 34.80 EUR/MWh
  • TTF is slightly down on Friday but holds overall strength this week over warmer weather, tighter LNG supplies and with Russian gas supplies to Austria at risk.
  • EU ETS DEC 24 is also trading slightly lower today – tracking losses in gas. The next German EUA auction will close on Friday 10:00AM GMT, with 1.79mn/t CO2e of volume offered.
  • The June-July discount has narrowed to €4.85/MWh on Friday morning, down from the May high of €5.88/MWh on 23 May since June became the front month.
  • In Germany, combined onshore and offshore wind output has been revised down for early next month, with wind forecast revised down by as much as 15GW for some hours on 2 June, according to Bloomberg model.
  • Wind over the 1-2 June is anticipated between 1.59-3.92GW, or loadfactors of only 2-6%.
  • Temperatures in July are forecast to rise to an average of ~19C from ~17.8C over June, according to Bloomberg model. This could raise demand in the region – supporting prices on delivery.
  • France’s nuclear reactors were operating at 71% of full capacity on Friday – unchanged on the day, according to Bloomberg calculations using data from grid operator RTE.
  • French power demand is forecast to reach an average of about 50GW today, down from a peak of 49GW on Thursday, RTE data showed.
  • French Power demand is forecast to fall between 36-38GW over the weekend, before rising to 41-43GW on 27-28 May, data from Bloomberg model show.