End of Day Power Summary: CWE, Nordic M1 Holds Onto Gains

The CWE front month baseload power contracts remained in green in a choppy trading session as TTF and EU ETS prices have supported the contracts, with temperature forecasts revised down slightly on the day – adding some weight. The Nordics have followed a similar trend to track gains made by its EU neighbours.

• Nordic Base Power AUG 24 up 5.2% at 30.45 EUR/MWh
• France Base Power AUG 24 up 1.4% at 44.55 EUR/MWh
• Germany Base Power AUG 24 up 1% at 69.9 EUR/MWh
• EUA DEC 24 up 0.5% at 68.3 EUR/MT
• TTF Gas AUG 24 up 0.8% at 31.045 EUR/MWh
• Rotterdam Coal AUG 24 up 0.3% at 103 USD/MT
• EU ETS Dec 24 has rebounded from the previous session with support from natural gas and coal prices.
• The latest EU ETS CAP3 EU auction cleared at €66.72/ton CO2e, slightly down from €66.87/ton CO2e in the previous auction according to EEX.
• TTF set for on-day gains amid upward revision in temperature forecasts and signs of some higher competition for LNG cargoes from Asia. The market is also awaiting the return of Freeport LNG feed gas flows.
• Max temperatures in the NWE have revised down by a total of about 0.5C over 12-14 July but will reach as high as 28C on 19 July, ECMWF shows – likely supporting cooling demand.
• Germany is not planning to introduce a law to bring forward the country’s coal phase out to 2030, from 2038 previously planned, despite it being part of the government's coalition agreement, Germany’s economic minister Robert Habeck said.
• BKW has signed a PPA with Nestle Germany to supply electricity from German solar PV plants from July 2024 onwards, the utility said.
• A counter trading agreement applied in July last year on the Danish-German border has lowered the number of curtailments of Danish turbines and cut power prices, Energinet said.
• Scottish ILI Group has inched closer to the construction of its 1.5GW hydro-pump storage facility in Scotland as it has submitted its planning application, it said, cited by RenewablesNow.
• Hungarian day-ahead power prices at the HUPX remained elevated for Friday delivery, with hourly prices rising as high as €687.84/MWh during hour 21 on Friday due to reduced cross-border transmission capacity.
• Ukraine’s 5.7GW Zaporizhia nuclear power plant is likely to be offline for at least 10 years, as the plant will only be able to restart after being retaken by Ukrainian soldiers, Prime Minister's adviser Yuriy Boyko said, cited by Bne InterlliNews.
• The annual growth rate of global renewable capacity must be at minimum 16.4% through to 2030 for the COP28 target of 11.2TW to be met by the end of this decade, IRENA said.