End of Day Power Summary: CWE Forward Curve Gives Back Losses

CWE forward curve baseload power contracts have given up most of their losses seen in the earlier session, with the German and Italian M1 contracts flipping green, as EU ETS prices have turned into positive territory and declines in gas have retreated.

• Italy Base Power AUG 24 up 0.1% at 99.8 EUR/MWh
  
• France Base Power AUG 24 down 0.3% at 49.9 EUR/MWh
• Germany Base Power AUG 24 up 0.8% at 71.5 EUR/MWh
• EUA DEC 24 up 1.4% at 65.63 EUR/MT
• TTF Gas AUG 24 down 1.3% at 31.42 EUR/MWh
• Rotterdam Coal AUG 24 up 1.4% at 109.5 USD/MT
• TTF front month has recovered some losses but remains down on the day amid continued muted demand and healthy storage injections.
• EU ETS Dec 24 has extended its recovery from midday as declines in TTF have softened, while coal prices remain higher. The latest EU ETS CAP3 EU auction cleared at €63.67/ton CO2e, down from €64.37/ton CO2e in the previous auction, according to EE
• Analysts have also suggested an increase in EUA price forecasts for 2024 to 2026 according to a Reuters survey of nine analysts.
• Coal inventories at the four key ARA terminals stood last at 4.49mn tons, the lowest level since late April 2022, terminal data cited by Montel showed.
• Joint company INELFE and ABL have entered into an installation agreement for the 2GW Biscay Bay interconnector between France-Spain, inching it closer to commissioning in 2027-28, it said, cited by Renews.biz.
• Spain’s hydropower reserves declined again last week to 58.8% of capacity, down from 60.4% of capacity the week prior, according to data from Spain’s Environmental Ministry.
• Spain’s Soltec has acquired EIA approvals for around 220MW in Italy so far this year, upping its approved pipeline to 415MW, it said.
• Polish regulator URE will launch its subsidy auction for new renewable power plants between 9-17 December, with around 44.6TWh on offer at a maximum value of PLN17bn (€3.97bn), it said.
• Poland’s PGE is scheduled to commission its two CCGT units at the PGE Gryfino 2050 power plant in August and September, it said in a filing.
• Corre Energy has urged newly elected members of the EU to adopt policies that support long-duration energy storage (LDES), it said, cited by Renews.biz.