End of Day Power Summary: CWE, Iberian Forward Curve Remains Green

The CWE, Italian and Iberian power base-load contracts as far back as second-year ahead have held onto gains towards the end of Tuesday's session as price increases in the energy complex have supported, with above seasonal temperatures in the NWE and Mediterranean adding additional support.

• Italy Base Power AUG 24 up 2.5% at 102 EUR/MWh
  
• Spain Base Power AUG 24 up 5.5% at 76 EUR/MWh
• France Base Power AUG 24 up 4.2% at 45.69 EUR/MWh
• Germany Base Power AUG 24 up 4.2% at 71.72 EUR/MWh
• EUA DEC 24 up 0.7% at 68.09 EUR/MT
• TTF Gas AUG 24 up 4.9% at 32.915 EUR/MWh
• Rotterdam Coal AUG 24 up 1.8% at 111.15 USD/MT
• In Berlin, the mean temperature is forecast to rise as high as 25C on 19 July – 5C above the 30-year norm, data from Bloomberg show– which could spur up cooling demand.
• And the latest 6-10 days ECMW operational forecast suggested max temperatures in Madrid are anticipated to soar to 40.9C on 19 July and are forecast to remain between 37-40.9C over 17-25 July
• EU ETS Dec 24 continues to be supported by price increases in the gas and coal, while the latest EU ETS CAP3 EU auction is possibly still adding some downward pressure – which cleared at €66.16/ton CO2e, slightly down from €66.63/ton CO2e in the previous auction according to EEX.
• TTF front month continues to trade in green from the midday session amid a slow return of Freeport LNG and with a dip in LNG imports and Norwegian pipeline supplies.
• Germany has increased its net import position to the Netherlands so far in July from the previous month to reach a fresh high so far this year as German PV has slightly decreased, while gas and lignite-fired generation has remained firm. This trend could continue into August as the German front-month contract is at a small premium to the Dutch equivalent.
• Spain’s hydropower reserves continued their descent last week (week 28) to 60.4% of capacity down from 61.8% of capacity the week before amid a rise in demand, according to data from Spain’s Environmental Ministry.
• Developer Vargronn has asked the UK Labour party to reaffirm its support for the country's goal of installing 5GW of floating wind power by 2030, it said, cited by Renews.biz.
• Ireland’s 118MW Edenderry fossil-peat fired power plant is anticipated to go offline on 19 July for planned maintenance, with the unit anticipated to return on 21 October, latest remit data show today.
• The King's Speech will detail 35+ draft laws, which include the establishment of a 'National Wealth Fund and Great British Energy, a publicly-owned company intended to boost UK energy production and offer cheaper power to consumers
• The Ukrainian parliament has decided to cease import duties on energy equipment amid a severe drop in power plant capacity in the country, while a surging heatwave has led to power consumer cuts, it said cited by XM.