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December 24 EU ETS Climbs 8% On Week

POWER
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The December 2024 EU ETS contract edged down on Friday – dropping to a three-day low- amid losses in the European gas and coal markets. Despite this, the contract is up ~8% on the week. Low wind forecasts across France and Germany could support the contract owing to the possibility of increased baseload generation from gas and coal-fired output.

  • EUA DEC 24 down 1.5% at 74.69 EUR/MT
  • TTF Gas JUN 24 down 3.4% at 34.045 EUR/MWh
  • Rotterdam Coal JUN 24 down 0.6% at 112.35 USD/MT
  • Dec 24 EU ETS prices average around €75.44/t CO2e over 20-24 May, up compared to ~€70.07/t CO2e over 13-17 May.
  • German wind output is expected between 4-8.3GW over 27 May-2 June May, according to Bloomberg model.
  • In comparison, French wind output is expected at 2.9-4GW over the same period.
  • French utility EdF will shut down its 1.5GW Chooz 1 nuclear reactor over 25-27 May, according to latest remit notices.
  • Germany’s 1.5GW Neurath G is expected to come back online at 05:00 CET on 27 May, latest remit data show.
  • The 500MW KW Boxberg Block N coal plant will return just before 26 May at 17:00 CET.
  • Power demand across northwest Europe could be higher over the next two weeks compared to the seasonal averages as temperatures in the region are anticipated to be above the 30-year average for most of the period, Bloomberg model show.
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The December 2024 EU ETS contract edged down on Friday – dropping to a three-day low- amid losses in the European gas and coal markets. Despite this, the contract is up ~8% on the week. Low wind forecasts across France and Germany could support the contract owing to the possibility of increased baseload generation from gas and coal-fired output.

  • EUA DEC 24 down 1.5% at 74.69 EUR/MT
  • TTF Gas JUN 24 down 3.4% at 34.045 EUR/MWh
  • Rotterdam Coal JUN 24 down 0.6% at 112.35 USD/MT
  • Dec 24 EU ETS prices average around €75.44/t CO2e over 20-24 May, up compared to ~€70.07/t CO2e over 13-17 May.
  • German wind output is expected between 4-8.3GW over 27 May-2 June May, according to Bloomberg model.
  • In comparison, French wind output is expected at 2.9-4GW over the same period.
  • French utility EdF will shut down its 1.5GW Chooz 1 nuclear reactor over 25-27 May, according to latest remit notices.
  • Germany’s 1.5GW Neurath G is expected to come back online at 05:00 CET on 27 May, latest remit data show.
  • The 500MW KW Boxberg Block N coal plant will return just before 26 May at 17:00 CET.
  • Power demand across northwest Europe could be higher over the next two weeks compared to the seasonal averages as temperatures in the region are anticipated to be above the 30-year average for most of the period, Bloomberg model show.