End of Day Power Summary: CWE Front-Month Falls on Energy Complex, Nordics Resists

The CWE power front-month baseload contracts have held onto losses towards the end of Wednesday’s session as price falls in the energy complex have weighed, while the Nordic equivalent has inched higher amid a sustained negative hydrological balance.

• Nordic Base Power AUG 24 closed up 1.5% at 26.75 EUR/MWh at 15:59 BST.
• France Base Power AUG 24 down 5.7% at 43.1 EUR/MWh
• Germany Base Power AUG 24 down 3.9% at 68.85 EUR/MWh
• EUA DEC 24 down 2.3% at 66.48 EUR/MT
• TTF Gas AUG 24 down 3.5% at 31.65 EUR/MWh
• Rotterdam Coal AUG 24 down 3.8% at 106.75 USD/MT
• TTF is extending its losses today amid improved optimism for a return of Freeport LNG flows.
• EU ETS Dec 24 ended red as falls in TTF and coal are weighing, while investment funds positioning in EU ETS futures on the ICE exchange turned more bearish with net short positioning slightly increasing, latest COT data as of 17 July.
• European power grids are set to be heavily impacted in the coming days as soaring temperatures of above 40C are set to raise demand, impact infrastructure and possibly cause blackouts, according to specialists, cited by Montel.
• French hydropower stocks last week (week 28) increased by 73GWh from the previous week, albeit slowing the rise for the fourth consecutive week, to end the week at 3,103GWh of capacity, RTE data showed.
• France is expected to have no power supply concerns during the Olympics, with limited worries also in the event of severe drought or heatwave, while demand will only be slightly impacted, TSO RTE said, cited by Montel.
• Nordic hydropower reserves increase picked up the pace last week (week 28) to be at 70.6% of capacity, or 89.69TWh. however, stocks narrowed their surplus the same week last year to the lowest since flipping from a deficit in week 18.
• And Norway’s hydrological balance has been revised up on the day for all days over 17- 31 July, with the balance moved up as much as 850GWh over 17-19 July. However, the balance is still negative and is anticipated to only turn slightly positive towards the end of this month.
• Swiss hydropower stocks last week (week 28) slowed their increase, rising by 4.6 percentage points compared to 8.3 percentage points the week prior, to end at 75.9% of capacity, BFE data showed.
• The Czech government had selected Korea Hydro & Nuclear Power as the supplier of its APR1000 reactors for its new nuclear units – beating France’s EdF in the final round of the selection period, the Czech Prime Minister said, cited by Bloomberg.