End of Day Power Summary: CWE Forward Curves in Red

The CWE power baseload curves as far back as the second year ahead are sharply down on the day as falling gas prices have placed downward pressure amid price falls in the equivalent TTF contracts, while EU ETS has had a choppy afternoon session to edge up slightly.

• Germany Base Power AUG 24 down 2.3% at 76 EUR/MWh
  
• Germany Power Qtr OCT 24 down 0.8% at 94.56 EUR/MWh
• Germany Power Qtr JAN 25 down 0.5% at 102.35 EUR/MWh
• France Base Power AUG 24 down 4.8% at 45.1 EUR/MWh
• France Power Qtr OCT 24 down 1.6% at 86.9 EUR/MWh
• EUA DEC 24 up 0.2% at 70.81 EUR/MT
• TTF Gas AUG 24 down 2.5% at 32.83 EUR/MWh
• Rotterdam Coal AUG 24 up 0.4% at 106.05 USD/MT
• Latest Harris poll ahead of the 7 July legislative election second round has the right-wing nationalist Rassemblement National (National Rally, RN) winning between 190 and 220 seats in the National Assembly, well short of the 289 majority threshold.
• The unplanned outage at the 1.014GW IFA 1 Tourbe-Dædalus interconnector has been extended by one day until 4 July 22:59 CET, remit data showed.
• EdF has also cut nuclear generation capacity for several hours on Thursday, remit data showed
• Luminus’ 165MW Nobelwind offshore wind farm in Belgium will be shut on 8-12 July, EdF said today.
• German electricity demand could rise to 844-1,073TWh by 2037, from 517TWh in 2023, supported by hydrogen production, a TSO study showed, cited by Montel.
• Europe’s wind turbine industry has criticised the turbine supply deal between Germany’s Luxcara and China’s Ming Yang for a 296MW offshore wind farm, as it poses a “threat” to critical German infrastructure, it said, cited by XM
• Investment funds net short positions in ICE German power futures turned the most bearish since 24 May to continue its downward trend, according to the COT data for the week of 28 June. This may indicate price falls of German power forward contracts in the short term.
• Nordic hydropower reserves rose by just over two percentage points last week (week 26) to 67.8% of capacity, or 86.02TWh, slowing down weekly increases seen in the week before and flipping to a deficit to the 19-year average.
• The Swedish administrative board of Gavleborg has recommended that the government grant a permit for the development of Skyborn Renewables 3.9GW Eystrasalt offshore wind farm in Sweden’s economic zone, according to the firm.