End of Day Power Summary: CWE Forward Curve Remains Green

The CWE forward curve continues to trade up on the day, with France leading gains, supported by price increases in EU ETS, European gas and coal. Additionally, low wind in the region, specifically France and Germany, is adding additional support to the equivalent week-ahead products - adding to gains due to rises in the energy complex.

• France Base Power SEP 24 up 5.6% at 57.2 EUR/MWh
• Germany Base Power SEP 24 up 2% at 83.62 EUR/MWh
• EUA DEC 24 up 0.8% at 69.2 EUR/MT
• TTF Gas SEP 24 up 1.8% at 35.72 EUR/MWh
• Rotterdam Coal SEP 24 up 1.1% at 117 USD/MT
• EU ETS Dec 24 has flipped back into positive territory, after having dipped for a short period in the early afternoon to be down on the day, to track similar price moves in European gas, with coal prices adding additional support. The latest bi-weekly Polish Primary Market Auction (Phase 4 - CAP3) cleared higher at €67.85/ton CO2e, up from €66.66/ton CO2e in the previous auction according to EEX.
• Above normal EU ETS auction volumes in August could cap EU ETS prices and push them below €70/t CO2e over the next few weeks, market participants said, cited by Montel.
• TTF front month is on track for its highest close since June 13 as rising tensions in the Middle East add to the risks of LNG competition from an ongoing heatwave in Asia.
• France has launched its offshore wind tender for a combined offshore capacity of 2.5GW, located at the coast off South Brittany, in the Mediterranean and in the South Atlantic, in line with EU procedures according to CRE.
• The French 4Q24 - 1Q25 power base-load spread has narrowed this month to €11.02/MWh, compared with €14.99/MWh at the start of this month amid high nuclear availability, high hydro stocks and sluggish demand recovery.
• EdF’s 1.335GW St Alban 1 nuclear reactor will undergo planned maintenance from Wednesday evening until 3 August 00:00CET, remit data showed.
• Nordic hydropower reserves picked up the speed of their rise last week (week 30) to be at 73.1% of capacity, or 92.86TWh, with stocks widening their surplus the same week last year to the highest since week 28.
• Spain will release €2.5bn of funding for the implementation of large hydrogen projects and development of renewables, batteries, energy communities and heat pumps, it said, cited by PV Magazine.
• Algeria’s Sonatrach and Sonelgaz have signed an MoU with Italy’s Eni on Wednesday for a feasibility study for a power interconnector between both countries, Sonatrach said, cited by Reuters.
• European coal imports are estimated at 3.3mn tons this month, down from around 4mn tons in June and the lowest since at least January 2017, Kpler data showed, cited by Montel.